Williamsburg waterfront site hits market priced at $210 million
Eastern Consolidated Tapped to Market 462-490 Kent Avenue
One of the last remaining large-scale residential development sites located along the East River waterfront in Williamsburg at 462-490 Kent Avenue is on the market for sale through Eastern Consolidated priced at $210 million.
Eastern’s Director Gabriel Saffioti, Associate Director Nicole Rabinowitsch and Director, Financial Services Gary Meese are marketing the 3.75-acre site that can accommodate approximately 816,000-square-feet, of mixed-used, mixed-income development for which preliminary plans and approvals have been obtained through a Uniform Land Use Review Procedure (ULURP). The seller is Waterfront Realty II LLC, a local family owner/operator.
The ULURP currently in place calls for 754 apartments constructed over five separate buildings, three of which are high-rise towers with low-rise bases; some 226 of these units will be designated for affordable housing. Over 29,000 square feet of street-level retail is designated within the ULURP approval along with 496 garage parking spaces. The project also creates a significant amount of waterfront park land with public access, as well as significant private garden green spaces for residents.
The affordable housing component enables the developer of the project to take advantage of certain Federal, State and City programs; the 70/30 affordable housing project has a site-specific 25-year 421 tax abatement. Other programs could apply such as the Low-Income Housing Tax Credits with New York City’s Department of Housing Preservation and Development’s (HPD) New Construction Participation Loan Program as well as the Mixed Finance Program through the United States Department of Housing and Urban Development (HUD) which permits public housing to be built with tax credits in private developments, aka the Hope VI Financing.