17,266 Buildable SF Commercially Zoned Development Site
340 Wythe Avenue
Williamsburg
Closed 01/15/2014 at
$7,500,000
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718-768-6888
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Overview
The L shaped property has 50 ft of frontage on Wythe Avenue and 73.83 ft of frontage on S 2nd Street, with M3-1 zoning that allows for ~17,266 Buildable Square Feet as of right for a commercial development (retail, office). There is an existing single story warehouse building on the property that will be delivered completely vacant.
In the last decade, Williamsburg has become one of NYC’s most popular neighborhoods. Since the 2005 rezoning, over 10,000 luxury residential units have been developed and occupied in the area and over 5,800 are in the development pipeline right now.
Commercial development on the Wythe Avenue corridor sprouted over the last decade to support this new population growth. Tech companies and creative service firms have committed to the neighborhood to be close to the new talented work force that has been drawn to the neighborhood. Most recently Vice Media, the online production firm, announced a move to a 60,000-square-foot former industrial building down the block. Last year, Amazon.com signed a lease to setup their studios and offices just a short walk north.
Attractions
National brands as well as upscale retailers, restaurants and entertainment venues have been flocking to the North Williamsburg area to cater to the new demographic. Most recently J. Crew announced the opening of it’s first Williamsburg location on Wythe Avenue.
Just a block away, the Domino Sugar development is on track to bring an 11 acre mixed use project including four towers and over 2,200 apartments.
The close proximity to the L train on Bedford Avenue along with the new and increased population to the neighborhood make Wythe Avenue a prime location for retail and office development.