:quality(75))
Selling a waterfront plot is a bit more trouble than ConEd was expecting.
The de Blasio administration announced it won’t rezone the 2.65-acre plot at 500 Kent Ave in Williamsburg for condos. ConEd put the plot—zoned for manufacturing—on the market earlier this year.
ConEd referenced other high-end residential conversions, such as the Domino Sugar Refinery, in its proposal, but local politicians like Brooklyn Borough president Eric Adams said the proposal failed to mention the plot’s location in the Brooklyn Navy Yard's Industrial Business Zone, Crain’s reports.
The administration has refused to support residential rezonings in industrial business zones in order to protect jobs.
Eric said ConEd will have to clearly mark that the plot (pictured) will remain industrial, although bidders can submit two separate purchase prices (one with a rezoning and one without).
A buyer can by-right build a 230k SF project containing manufacturing, commercial office or retail space. But the lack of flexibility won't help the energy giant get the highest possible price. [Crain’s]
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