Development Site in Prime North Williamsburg
97 Wythe Avenue
Williamsburg
Closed 05/11/2013 at
B62
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718-768-6888
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the corner development site 93-97 Wythe Avenue. The commercially zoned site sits on one of the fastest developing corridors in North Williamsburg.
The site is located one block from the Wythe Hotel and Brooklyn Bowl and only a few blocks from the Bedford Avenue North 6th Street L subway station; just one stop from Manhattan and two stops away from Union Square.
The site streches 200 feet on Wythe Avenue and is 100 feet deep occupying two prime corners on N 9th & N 10th Streets which presents a great opportunity for a retail/office development. The M1-2 zoned property allows for approximately 40,000 commercial buildable SF as-of-right (retail,office,hotel) and an additional 56,000 buildable SF of community facility for a total of 96,000 gross buildable SF. The new commercial development would be eligible for the ICAP providing an abatement for property taxes for periods up to 25 years.
Attractions
In the last decade, Williamsburg has become one of NYC’s most popular neighborhoods since the 2005 rezoning, over 6,000 luxury residential units have been developed and occupied in the area and over 4,000 are in the development pipeline right now. Residential rents for new construction buildings in The North side of Williamsburg are fetching over $65/SF and the recent condo pricing has been reaching above the $1,000/SF mark.