Gemini Rosemont Acquires Mixed-Use Development Site for $18M
Gemini Rosemont Commercial Real Estate has acquired 167 North 1st St., a mixed-use development site situated midblock between Bedford and Driggs avenues in Williamsburg, Brooklyn, for $18.2 million.
NEW YORK CITY- Gemini Rosemont Commercial Real Estate has acquired 167 North 1st St., a mixed-use development site situated midblock between Bedford and Driggs avenues in Williamsburg, Brooklyn, for $18.2 million.
The property includes a fully built, single-story, 13,867-square-foot warehouse with 17-foot ceilings and multiple curb cuts. The property offers more than 37,000 buildable square feet of developable rights or nearly 50,000 buildable square feet with 20 percent on-site or off-site affordable housing.
In addition the development property also features 200 feet of frontage along North 1st Street off of Bedford Avenue, Brooklyn’s strongest retail corridor, according to a Jones Lang LaSalle team, who completed the sale on behalf of seller Stanislaw Rys/Kevsta Inc. The development site is six blocks from the Bedford Avenue L Train Station.
“The development site at 167 North 1st Street is in the most sought-after area of Williamsburg,” JLL Vice Chairman Brendan Maddigan in a prepared statement. “Residential rents in the neighborhood approach $75 per square foot, and condominium sales range from $1,400 to $1,700 per square foot, making this lot an ideal development opportunity for a mixed-use rental or condominium project.”
Update/correction: The property was marketed as 167 North 1st St., but the address that will be used moving forward is 171 North 1st St.