A 50,000-square-foot site in Williamsburg has been sold for $18 million and will be redeveloped as a large-scale residential project, The Real Deal reports.
The site, located at 88 Richardson Street just south of McCarren Park, has at least 150,000 buildable square feet and could expand beyond that if the proposed development included affordable housing.
The plot is currently an empty commercial building and was previously occupied by the Meeker Avenue flea market, which shut down in 2011 after its parent company, Fratelli Ricatto, experienced financial difficulties from a personal-injury lawsuit unrelated to the space.
Neil Dolgin of Kalmon Dolgin handled the sale and told The Real Deal that with the site’s MX-8 designation for mixed-used space, the developer could include retail or restaurants on the redeveloped building’s ground floor.
The new owner has not been named. Dolgin said the buyer was “not a household name but they are knowledgeable, and bought (the site) because it’s one of the last remaining large plots near the north side of Williamsburg.”
Williamsburg accounts for 33 percent of Brooklyn’s newly built condo sales.
Construction is scheduled to begin in the next 12 to 24 months, according to the Maxal Group, the first mortgage lender on the building, The Real Deal reported.