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No. 7: Oh, the tantalizing promise of vacant land

This empty lot at 650 Metropolitan Ave. is for sale. The asking price is $3.6 million. Photo by Lore Croghan

Eye On Real Estate: Ten Coolest Places In East Williamsburg

Brooklyn Daily Eagle

The coolest property for sale in East Williamsburg is at 650 Metropolitan Ave. – because it's a vacant lot, full of promise.

In contrast, some of the buildings now up for sale in the neighborhood will be good income-generators for their buyers but are short on aesthetics.

The asking price is $3.6 million for the vacant site between Leonard Street and Manhattan Avenue according to the agent with the exclusive listing, TerraCRG.

The firm is going with that number, which it set in February, because “with condo sales in the area fetching $1,100 per square foot, developers can justify the asking price,” Abbie Teitelbaum, a spokeswoman for TerraCRG, told Eye on Real Estate.

“There has been a ton of interest so far” in the property, she said.

Proposed plans for the site call for a seven-story residential building with 15 apartments, according to the real estate brokerage.

The seller is Joseph Roubeni of 650 Met Partners LLC, which bought the property for $1.2 million in 2011, city records indicate.

March 26, 2014 - 11:15am


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