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Developer Rabsky Group has filed an application to rezone two blocks in Williamsburg’s Broadway Triangle, both part of the former Pfizer campus, to make way for two big mixed-use buildings with nearly 800 apartments, The Real Deal reported. Rabsky paid $12,750,000 in July 2012 for two properties there, which occupy the entirety of both blocks and are currently zoned for manufacturing.

The vacant properties, whose addresses are 249 and 334 Wallabout Street, total about 150,000 square feet. One of them is used for parking, and the Flushing G stop stops on the block.

If the rezoning were to go through, the properties could accommodate 622 market-rate units, 155 affordable ones and 32,000 square feet of retail, according to TRD. Back in 2012, the mammoth former Pfizer plant next door at 630 Flushing Avenue was converted to light industrial space, and the building is now home to a fashion accelerator, small food businesses, furniture makers and Brooklyn Grange.

Rabsky is also building on the next block, at 376-382 Wallabout Street, and is one of the partners developing apartments at the nearby Rheingold brewery complex in Bushwick, among other projects in Brooklyn. The Broadway Triangle has a contentious history, as various groups have clashed over building housing there.

Dushinsky’s Rabsky Group Plans Nearly 800 Units on Former Pfizer Site [TRD]
Pfizer Coverage [Brownstoner]
Broadway Triangle Coverage [Brownstoner]

Photo by Christopher Bride for PropertyShark

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A long-shuttered factory and lot at 1725 St Marks Avenue, between Eastern Parkway and East New York Avenue in Ocean Hill, sold for $2,200,000 last month, according to public records. That’s about twice what we would expect.

It’s a large lot, nearly 7,000 square feet, but the property has a FAR of 1 and is only zoned for manufacturing. (The existing building is 1.39 over FAR, also.) About a year ago, small residential lots in Ocean Hill on the other side of Atlantic were trading around $180 per square foot. This sale price works out to about $314 a square foot.

Prices have been rising all across the borough, of course, and this property sits right next to the boundaries of de Blasio’s proposed East New York rezoning plan. If that goes through, it will turn nearby commercial-only spaces into mixed-use residential and possibly add as many as 7,000 apartments in the area, as we reported last month.

Signatures on the deeds show the buyer is an LLC managed by local investor Zalmen Wagschal. GMAP

Image via Google Maps