The land, stretching across two sites on Wallabout Street and Harrison Avenue, traded to investment group Harrison Realty for $12.75 million and will most likely become a mixed-used development, The Real Deal reported.
The parcel, currently zoned for industrial use, has been vacant since Pfizer closed a plant there in 2008. Cushman & Wakefield marketed the property, and the law firm Sive, Paget & Riesel represented the Flushing, Queens-based buyer, who outbid a community coalition hoping to build affordable apartments on the site.
“This is one of the largest parcels in that area that is vacant,” Sive, Paget & Riesel principal Steven Barshov told The Real Deal. Barshov said that no plans for the acquisition have been set yet, since the buyer needed to “catch their breath” after forking over the $12.75 million.