Get Your Slice of the Burg for Just $20 Mil

Williamsburg has been very, very good to the owners of the European Marble Works. Or at least it will have been if they get their asking price of $20 million for three corner properties at the intersection of Driggs and Metropolitan Avenue. The location is zoned M-1/M-2 and R-6 so they buyer won't be able to put up anything like the towers on the waterfront. The listing says that a developer could create 81,000 square feet of residential and commercial space, putting the asking price at a multiple of $250 per buildable square foot. Anyone got any spare change?
$20000000 Three Powerfull Corners [Craigslist]
1) 658 Driggs Avenue: GMAP P*Shark
2) 258 Metropolitan Avenue: GMAP P*Shark
3) 641 Driggs Avenue: GMAP P*Shark

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Comments

Put a MacDonald's, TakkoBell and 14 banks there!

Posted by: Bobby Benton at June 27, 2007 11:12 AM

This property has been shopped around by a broker for 2 years now I think, the price is ridiculous, and seems like a sweat dream.

Posted by: mentch at June 27, 2007 11:26 AM

Actually, it was re-rezoned in October of 2005. A portion of it is M1-2/R6A. There is no M1-1 component.

Posted by: Jonz at June 27, 2007 11:37 AM

...and to think the hookers used to hang out at this corner back when I lived in the neighborhood.

Posted by: big al at June 27, 2007 5:52 PM

Damn I knew I should have bought some junky building back in 1990..Yea all you hipsters I lived in Williamsburg back in 1990. So There I am cooler than you and always will be.

Posted by: Anonymous at June 27, 2007 7:29 PM

its amazing how long things can be kept a secret in the NYC broker world...i've been playing with these properties for almost 3 years...almost had it sold once too...but, as with most deals in the burg, the "fudge" killed it...

Posted by: loftninja at June 27, 2007 10:16 PM

haha....i love how the ad is so exact about the location..."Manhattan Ave"...no wonder about those secrets (above)..

Posted by: loftninja at June 27, 2007 10:19 PM

I looked into the property and was told the asking price includes "future air rights" - WTF?

Posted by: anon at June 28, 2007 11:12 AM

what is the fudge?

Posted by: Anonymous at June 28, 2007 12:30 PM

what is the fudge?

Posted by: Anonymous at June 28, 2007 12:30 PM