EDRE Development Buys Williamsburg Development Site for $13M
Brooklyn-focused, real estate company EDRE Development has snapped up a development site at 106 North 1st Street in Williamsburg for $13 million, Commercial Observer has learned.
The seller, ROVEX LLC, sold the 11,125-square-foot lot to EDRE, which plans to build condominiums on the site, according to a representative from Ariel Property Advisors, which arranged the deal on behalf of the seller. The sale of the lot, bound by 1st Street and Berry Street, includes two existing warehouses and 2,320 square feet of air rights, totaling 32,919 buildable square feet of space.
Per city records, ROVEX LLC is owned by Potomac, Md.-based Robert Loeffler.
“There is perhaps no hotter location for residential or mixed-use development in Brooklyn than Williamsburg and this acquisition was the perfect size and location for EDRE as they continue to focus on developing condominiums in strong markets in Brooklyn,” Ariel Property Advisors‘ Sean Kelly said in a statement. “This area is in high demand from homeowners, business owners and renters alike due to the dynamic range of entertainment, dining, bars, art and retail right at one’s doorstep.”
The condo project will comprise 48-units in a seven-story building, slated for completion in January 2024, said EDRE CEO Harel Edery. Edery plans on breaking ground in January of next year.
“I love Williamsburg and it’s a very good location,” Edery told Commercial Observer. “[It’s] one of the only mid-sized sites close to the water.”
Ariel’s Kelly and Matthew Davis represented the seller, and the buyer represented itself in the transaction.