NEW YORK CITY—Eliot Spitzer is venturing into hipsterterritory.

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His family run real estate firm, Spitzer Enterprises, isreportedly in contract to buy a large, stalled multifamily projectin the Williamsburg section of Brooklyn for $165million, according to Crain's New York Business.

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Formerly home to the Kedem Winery site, the 2.8-acre site isowned by Rector Hylan Corp., which has tried for years—butrepeatedly failed—to build two mixed-used towers there. The firmbought six lots that make up the property, between Broadway andSouth 9th Street, for $11.3 million in 3003 and then,three years later, procured two permits from the City PlanningCommission that allow for larger, denser buildings than the area'szoning permits, the Real Deal reports. GlobeSt.com wasunable to reach Spitzer Enterprises or Rector Hylan at presstime.

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The company planned to build a 24-story tower with 309residential units on the southern end of the site and an 18-storytower on the northern side with 104 units. The entire project wouldspan 600,000 square feet, including 26,400 square feet of retailalong Kent Avenue. The developer agreed to set aside 20% of thebuildings' units as affordable housing. But Rector Hylan haddifficulty lining up financing for the project in the midst of therecession and failed to have construction begin.

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When the permits lapsed last summer the company filed for andwas granted a three-year extension. The renewal will take RectorHylan—or a new owner to mid-June 2016.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.