Three big developers have snapped up a crumbling Williamsburg factory for $18,300,000, Crain’s reported, paying a near-record price in hopes of building condos on the site. Adam America, Naveh Shuster and Slate Property Group recently bought the large, L-shaped property at 304 North 7th Street. It faces the BQE and has close to 200 feet of frontage on both Meeker Avenue and North 7th Street, for a total of 22,325 square feet.
The final sale price works out to $432 per buildable square foot, for a property that could accommodate up to seven stories and 60,278 square feet of development. The lot last changed hands for $9,450,000 two years ago, meaning that the previous owners flipped it for nearly twice what they paid.
The developers are confident about the condo market, an exec from Slate said. Condos in Williamsburg are relatively scarce, with 256 condos in development versus 3,725 rentals, according to TerraCRG data quoted in Crain’s. TerraCRG brokered the deal.
The development trio is also working on several other projects in Brooklyn, including large developments at 535 4th Avenue, 470 4th Avenue, and 275 4th Avenue, as well as a six-story rental in the Broadway Triangle. And just a block away, Adam America is building two seven-story buildings housing 169 units at 247 North 7th Street.
Photo by Christopher Bride for PropertyShark