NEW YORK CITY—Eliot Spitzer is venturing into hipster territory.
His family run real estate firm, Spitzer Enterprises, is reportedly in contract to buy a large, stalled multifamily project in the Williamsburg section of Brooklyn for $165 million, according to Crain’s New York Business.
Formerly home to the Kedem Winery site, the 2.8-acre site is owned by Rector Hylan Corp., which has tried for years—but repeatedly failed—to build two mixed-used towers there. The firm bought six lots that make up the property, between Broadway and South 9th Street, for $11.3 million in 3003 and then, three years later, procured two permits from the City Planning Commission that allow for larger, denser buildings than the area’s zoning permits, the Real Deal reports. GlobeSt.com was unable to reach Spitzer Enterprises or Rector Hylan at press time.
The company planned to build a 24-story tower with 309 residential units on the southern end of the site and an 18-story tower on the northern side with 104 units. The entire project would span 600,000 square feet, including 26,400 square feet of retail along Kent Avenue. The developer agreed to set aside 20% of the buildings’ units as affordable housing. But Rector Hylan had difficulty lining up financing for the project in the midst of the recession and failed to have construction begin.
When the permits lapsed last summer the company filed for and was granted a three-year extension. The renewal will take Rector Hylan—or a new owner to mid-June 2016.