Eye On Real Estate
By Lore Croghan
Brooklyn Daily Eagle
A Downtown Brooklyn development site across the street from the massive City Point project fetched a nice price: $28 million.
The Institute of Design and Construction was paid this hefty sum for its three-story building at 141 Willoughby St., city Finance Department records reveal. When the school and the purchaser, real estate private equity firm Savanna, announced the deal last month, they didn't disclose the price.
Many thanks to the tipster who alerted Eye on Real Estate when the deed surfaced online.
Savanna can construct a 120,000-square-foot residential building as of right at the site, according to Crain's New York Business. The institute will get a bonus payment if Savanna is able to rezone the property – which would allow it to go as big as 240,000 square feet, Crain's reported.