Williamsburg Development Site Sells for $18.2M

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Los Angeles-based real estate investor Gemini Rosemont picked up a development site in Williamsburg, Brooklyn, for $18.2 million, brokers on the deal said.

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Gemini Rosemont bought the lot — which currently has a 13,867-square-foot one-story warehouse on it — at 167 North 1st Street between Bedford and Driggs Avenue from owner Kevsta Inc. in a deal that closed last week, according to JLL, which brokered the deal for the seller.

The lot offers more than 37,000 buildable square feet of development rights or nearly 50,000 buildable square feet with 20 percent affordable housing units, according to JLL. The warehouse is currently fully leased to Poler Contracting

“The development site at 167 North 1st Street is in the most sought-after area of Williamsburg,” JLL’s Brendan Maddigan said in a 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.”

Maddigan brokered the sale for Kevsta along with Stephen Palmese, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan. Gemini Rosemont had no brokers.

The deal is the second acquisition Gemini Rosemont — which has offices in the Financial District — had made in New York City recently. Last month, the developer bought the former Church of the Nativity in the East Village from the Archdiocese of New York for $40 million, The Real Deal reported.