Vacant Development Site in Williamsburg Changes Hands for $3.4 Million

March 30, 2012 Brooklyn Eagle Staff

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WILLIAMSBURG — Kalmon Dolgin Affiliates Inc. (KDA) reports the sale of a potential development site in Williamsburg.

Neil Dolgin, KDA co-president, said the 50-foot-by-100-foot vacant lot, at 171 North 10th St., sold for $3.4 million to a developer.

Vincent Lopez and Jacques Wadler, both of KDA, represented the seller, Bedford Parkview Partners, as well as the buyer, now identified as 171 North 10th Partners, in the transaction.

According to Lopez, Bedford Parkview Partners had planned to develop the site, even demolishing a warehouse that stood on the property, and had received approvals to construct a residential building of up to 18,000 square feet.

Because the property already had its footing in place, Bedford Parkview Partners was also able to secure a 15-year tax abatement for the proposed development.

The buyer was attracted by the pre-approved plans, the tax abatement and the potential, according to Lopez.

“The combined package holds great value and was a major selling point for the buyer,” he said. “This is one of my most creative deals, and it gave me great pleasure to facilitate a beneficial agreement between both the buyer and seller.”