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SL Development has purchased an old warehouse property in Williamsburg with plans to turn it into condominiums.
The Midtown South-based firm bought 722 Metropolitan Ave. from Barnett Brickner for $23M, The Real Deal reports. The site comes with 70K SF of development rights, which SL plans to use toward a project with 69 condos. Such a plan would add four floors on top of the existing brick structure and put in place retail on the ground floor.
The property was under contract twice before, but protests from the current artist tenants and anticipated construction on the nearby L train scuttled previous deals. 722 Metropolitan's asking price started at $26M, but with the L shutting down for 15 months starting in 2019, Brickner was forced to take less, according to TRD.
The conversion is scheduled to take two years, which pegs its delivery date to be right in line with the L shutdown.
