Stalled Williamsburg site on market at $4.75 million

July 30, 2012 By Linda Collins Brooklyn Daily Eagle

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A stalled residential development site in Williamsburg is on the market with an asking price of $4.75 million, according to David Schechtman, executive managing director of Eastern Consolidated, who has the listing with directors Gabriel Saffioti and Marion Jones as well as Gary Meese, director of financial services.

The property, at 205 North 7th St., between Driggs Avenue and Roebling Street, is an approximately 9,000-square-foot, four-story residential project with an additional 2,700 square feet of outdoor space.

“This could be a fabulous, boutique, luxury seven-apartment building each unit featuring outdoor space,” said Schechtman, who noted that approximately $1.5 million is needed for completion.

“This offering presents a rare opportunity to acquire a partially completed project, taking advantage of the seemingly insatiable demand and ultimate appreciation for the condominium and multifamily rental markets in Williamsburg,” he said “The investment offers a chance to acquire, complete and operate a rental apartment building or sell condominium units in a neighborhood that is within walking distance of the vibrant Bedford Avenue retail corridor, McCarren Park and the Williamsburg waterfront.”

Added Saffioti, “We anticipate wide investor interest in this [partially completed] project because of its stellar location and long-term financial upside.”