$15M for Development Site in East Williamsburg

An undisclosed buyer paid $14.5 million for a development site located at 172 Montrose Ave. in Brooklyn’s East Williamsburg neighborhood.

TerraCRG brokered the transaction. The name of the buyer was not released.

The 17,000-square-foot site is zoned for 51,000 buildable square feet of residential space. The site wouldn’t allow for a high-rise tower — though Terra points out that the low-rise construction possible on the site would have lower construction costs.

Residential rents for newly constructed buildings in this established area of Williamsburg are fetching over $60/SF, and the recent condo pricing is projected at the $1,200/SF mark, according to Terra.

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