Con Ed Lists Williamsburg Sites With 1.5M SF Of Potential For Sale
Consolidated Edison is shopping three vacant sites in Williamsburg that span more than 3 acres.
The parcels are along River Street and are designed for manufacturing and commercial uses, Crain's New York Business reports. If they were to be rezoned, they could potentially hold a residential development that includes an affordable housing component.
"It's a unique site that represents really the last large-scale development opportunity on the water in the neighborhood,” Cushman & Wakefield’s Stephen Palmese, who is marketing the properties with his colleague Brendan Maddigan, told Crain's.
The sites are one block from Two Trees Management’s Domino Sugar Refinery development. With a rezoning, Palmese said the site could support as much as 1.5M SF of development.
"This is a project that could be akin to Domino and create residential and commercial space with an activated waterfront," said Palmese, adding that there is no set asking price, but the sites are worth more than $100M.
Land sales have slowed down over the past few years, particularly in the over $100M market. However, some brokers say sales are picking up as buyers and sellers adjust to current market conditions.