February 29, 2008

Couple of Recent Big Buys in the Burg

Two recent property sales in Williamsburg caught our eye, and it appears that one of the sites will eventually feature new residential construction and the other, which consists of two old industrial buildings, will be redeveloped into high-end rentals. A Long Island-based development firm paid $20 million a few weeks ago to acquire 568 Union Avenue, which is between Richardson and Frost streets (the above photo is likely out of date since DOB records show that demolition permits were issued for the property in late November—can anyone tell say if it’s still there?). The old owner of the building filed plans for a six-story job with 86 units. We’re a little late to the party with reference to the other transaction, Cayuga Capital Management’s purchase of 44 Berry Street for $12.65 million last fall, but far as we know there hasn’t been much press about it. Cayuga intends to build 42 market-rate apartments in the buildings between North 11th and 12th streets. Interestingly, the development is right next to another large rental that LCOR has in the works, and the two projects will together result in about 200 rental units in the McCarren Park area.
Update: The Union building has indeed come down. More info here.
Big Rental Planned Near McCarren Park [Brownstoner]
568 Union Avenue: GMAP P*Shark
44 Berry Street: GMAP P*Shark
Photos from Property Shark.

Posted by Gabby at 10:05 AM | Comments (5)
Categories: Williamsburg

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