A Dumbo waterfront development site primed for residential conversion is in contract for about $30 million.

The vacant site at 51 Jay Street has a three-story, 80,000-square-foot warehouse and is zoned up to 150,000 square feet. Massey Knakal Realty Services was retained last year to market the building, which occupies the entire block between Plymouth and Water streets. The Port Washington-based property owner, the Forman Group, has been attempting to sell it for years, Crain’s reports.

Since the lot is in the Dumbo Historic District, a developer will need permission from the city Landmarks Preservation Commission to add up to 75,000 square feet of residential space on top of the current warehouse. If the new buyer unlocks the approvals, construction could start on a 150,000-square-foot, mixed-use development.

The buyer has not been named, but is described as a Brooklyn-based developer with projects around the borough, according to Crain’s.

“This is the first large-scale development to sell in Dumbo since Toll Brothers did their projects” at 205 Water Street, Massey Knakal Realty Services first vice president Stephen Palmese told The Real Deal. The Toll Brothers’ 65-unit condominium went on the market last year, with units selling from the low $400,000 to $2.2 million for an average of $875 per square foot. Currently, only four units are available.

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