Williamsburg Development site sells for twice what it last traded for

New York, 01/31/2012 - One of the last Williamsburg develpment sites available, 169-171 North 10th Street, has sold in an offer market all cash that netted the owner a gain or more than 50 percent, Crains reported.

The 5,000 square foot lot, two blocks from McCarren Park, was bought by Bedford Parkview Partners for $2.35 million just three years ago, according to Crains. The owner, who will likely build a residential development, paid roughly $188 per buildable square foot, or $3.4 million, Vincent Lopez and Jacques Wadler of Kalmon Dolgin Affiliates, told Crains. The duo represented the buyer as well as the seller in the deal.

The site was not on the market, but the buyer, whose identity was not disclosed by Crain, approached Bedford Parkview anyway, brokers said.

by: The Real Deal