A commercial property on a freshly rezoned block on McGuinness Boulevard has traded for $13.9 million — can new residential development be far behind?
The sale of 211 McGuinness Boulevard, which closed in late May, hit public records yesterday (thanks to the tipster who alerted us). The seller was McGuinness Realty Corp’s Paul Pullo, who previously petitioned for a residential rezoning of McGuinness between Calyer Street and Greenpoint Avenue several years ago.
Pullo, who owned 209-231 McGuinness, wanted the rezoning to pave the way for an eight-story, 155,000-square-foot development, Greenpointers reported. According to city documents, the 141-unit building would have had 23,375 square feet of ground-floor retail and a 91-car underground garage. Of the apartments, 20 percent would be affordable housing. Below is a rendering of Pullo’s vision:
Image via NYC Department of City Planning
Williamsburg Community Board One OKed the proposal in September 2012, DNAinfo reported. Two months later, the City Planning Commission approved the rezoning, changing the area from an M1-1 District (where residential development is not allowed) to an R-7A District with a C2-4 commercial overlay, which would permit medium-density residential projects with ground-floor retail.
Diagram: NYC Department of City Planning
The rezoned strip of McGuinness includes about 55,000 square feet over seven tax lots, as well as parts of two additional lots. Through McGuinness Realty Corp., Pullo owned two of those seven lots, covering 33,750 square feet or approximately 60 percent of the rezoned… zone.
So now what? New building permits for the site have yet to be filed, and the identity of 211 McGuinness’s new buyer is buried in an LLC named “Greenpoint McGuiness” (we know). No recent sales have been recorded for adjacent lots on the same side of the street, which has a Pep Boys auto shop and a Risqué Billiards — the latter owned by Pullo, natch.