Western Carpet Warehouse in W’burg Sells for $27.5 Mil


The 54,850-square-foot commercial warehouse at 204 Wythe Avenue, between North 4th and 5th streets in Williamsburg, was purchased for a hefty $27.5 million at the end of October after several years of being on and off the market. The property, which was owned for decades by the family-run Western Carpet company, was purchased by the real estate fund behemoth AREA Property Partners, formerly known as Apollo Real Estate Advisers. Given the location, zoning and price, it is all but a certainty that this will be developed into residential. (Under the 2005 rezoning of the area, this building falls in a M1-2/R6A area, which allows for an FAR of 3.0. This means a developer could build a 165,000-square-foot residential building, putting the sales price at around $170 per buildable foot.) The bigger question now is what will happen to the 40,000-square-foot building that runs from Kent to Wythe on the north side of North 5th Street and is owned by the same family. UPDATE: This comment might explain what’s going on. “I am hearing that seller likely merged the two zoning lots, keeping the other warehouse for themselves to us, putting all building footage on the one site. So price not 170.” Yes, so that would bring the build able square feet up to around 250,000 which would put the sale price at around $110 a foot. GMAP
Photo via Property Shark

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