One of the last remaining large-scale residential development sites located along the East River waterfront in Williamsburg at 462-490 Kent Avenue is on the market for sale through Eastern Consolidated priced at $210 million.
Eastern’s director Gabriel Saffioti, associate director Nicole Rabinowitsch and director, financial services Gary Meese are marketing the 3.75-acre site that can accommodate approximately 816,000 s/f, of mixed-used, mixed-income development for which preliminary plans and approvals have been obtained through a Uniform Land Use Review Procedure (ULURP). The seller is Waterfront Realty II LLC, a local family owner/operator. The ULURP currently in place calls for 754 apartments constructed over five separate buildings, three of which are high-rise towers with low-rise bases; some 226 of these units will be designated for affordable housing.
Over 29,000 s/f of street-level retail is designated within the ULURP approval along with 496 garage parking spaces. The project also creates a significant amount of waterfront park land with public access, as well as significant private garden green spaces for residents.
The affordable housing component enables the developer of the project to take advantage of certain Federal, State and City programs; the 70/30 affordable housing project has a site-specific 25-year 421 tax abatement.
Other programs could apply such as the Low-Income Housing Tax Credits with New York City’s Department of Housing Preservation and Development’s (HPD) New Construction Participation Loan Program as well as the Mixed Finance Program through the United States Department of Housing and Urban Development (HUD) which permits public housing to be built with tax credits in private developments, aka the Hope VI Financing.
“Unabated development in northern Williamsburg is pushing southward to now include this site on the East River where a plethora of popular restaurants such as Diner, Peter Lugar, Fatty ‘Cue, Marlow and Sons and Motorino, bars such as Donna, Bembe and Dram, and stores such as Brooklyn Industries, thrive only two blocks away,” noted Saffioti, who added that the site is situated just south of the Williamsburg Bridge and lies directly adjacent to Schaefer Landing, a recently developed 210-unit mixed-income condominium development.
Comprising an entire waterfront block on Wallabout Channel and only steps from the East River Ferry’s South Williamsburg Terminal, the site is bounded by Kent Avenue on the east, Division Street on the south and the Schafer Landing project on the north. Currently it is occupied by an operating business, Boro Park Certified Lumber & Home Center, but will be delivered vacant at closing.
“Brooklyn’s waterfront is pure gold,” said Rabinowitsch. “We anticipate tremendous investor interest in this site because of its huge development potential, prime location and unobstructed views of the Manhattan skyline, East River bridges and Brooklyn cityscape.
“The south side is coming alive, driven by the master-planned mixed-use redevelopment of the waterfront, the Domino Sugar Company site four blocks north, conversions including the Gretsch Building and a number of boutique new construction projects, all of which are re-configuring the neighborhood,” she noted.