310 North 7th Street Sells for $9.5 Million

Another big Williamsburg residential development is officially in the works. An old brick industrial building at 310 North 7th Street sold last week for $9.5 million to an undisclosed developer, according to a press release from the new investment sales division at MNS. The building itself is only about 30,000 square feet but the zoning allows for another 40,000 square feet of development for a total of 70,000 square feet. Despite its proximity to the BQE, the property is in quite a desirable location. We’re betting rentals for this spot though. If we’re reading the deed history correctly, the seller, American Development Group, did pretty well on this, having paid just $2.5 million in 2005. GMAP