A percentage of the huge and hotly debated Rheingold Brewery development site in Bushwick has just sold for $11,250,000, according to public records. The collection of nearly 50 commercial properties includes the former brewery at 930 Flushing, as well as a long list of small adjacent commercial properties on Stanwix Street, Melrose Street, Monteith Street, and Flushing and Bushwick avenues. The buyer is RP Acquisitions LLC, which we’re guessing is an arm of Read Property, the developer that already owns the site. The deed transfers 12.5 percent of the property to this LLC, which explains the low sale price. Read Property has not yet broken ground. The 6.4-acre parcel is slated to eventually become a 10-building mixed-use complex with 977 apartments, 30 percent of which will be affordable housing. And just down the street, Princeton Holdings is in negotiations to buy a warehouse at 95 Evergreen Avenue for $34,000,000, Crain’s reported last month.
Rheingold Brewery Development Coverage [Brownstoner]