Burg Warehouse Site Sells Again, Rentals Coming Soon

The warehouse and empty lots at 246 North 8th, 251 North 7th and 255 North 7th in Williamsburg were just purchased by developer Silverstone Property Group for $21.66 million, according to public records. The same lots sold last year to another developer for $12.3 million. Although there were plans to convert the warehouse into a 22-unit residential building, it never happened. (The old developer may not make much of a profit on the sale, though. The Real Deal reports that they took out a $31 million loan to develop this site but eventually defaulted.) TRD also has details on what the new developers plan for the site: “The new rental, which sources said will be completed within 18 months, will have a doorman and amenities such as a roof deck and gym. It will be composed of mostly one- and two-bedroom units.” There will be 170 units total. Silverstone Property Group just wrapped up a rental development at 65-69 North 6th Street.
Silverstone to Break Ground on 170-Unit Williamsburg Rental [TRD]