Williamsburg Development Site
345 Berry Street
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TerraCRG has been retained to exclusively represent ownership in the sale of the development site at 345 Berry Street in Williamsburg, Brooklyn. The property is currently improved with an existing 1,100 SF single-family building with side and rear yards.
The 1,748 SF lot is zoned M1-2/R6A/MX-8, which allows for 2.7 FAR as-of-right, 3.6 FAR with inclusionary and 4.8 FAR with community facility, giving the project a range of 4,720 to 8,390 buildable square feet. The mixed zoning allows for a number of different types of developments on the site including townhome, residential condo, retail, office, community facility and mixed-use.
Over the last decade, Williamsburg has become one of NYC’s most popular neighborhoods to live, work and play. Since the 2005 rezoning, over 10,000 luxury residential units have been developed and occupied in the area and over 5,800 are in the development pipeline right now. Tech companies and creative service firms have committed to Williamsburg to be close to the new talented work force that has been drawn to the neighborhood. New commercial developments have sprouted over the last decade to support this new population growth, with office rents that surpass $60/SF and retail rents as high as $250/SF. Residential rents for new construction buildings in Williamsburg are fetching over $70/SF and the recent condo pricing has been reaching above the $1,800/SF mark and the single-family homes values are around the $1,100/SF mark.
The property is a short walk to the J, M & Z subways at the Mercy Avenue Station and about a 10-minute walk to the East River Ferry on Kent Avenue. The property is also just down the block from the Domino Sugar development, which is currently in construction and on track to bring an 11-acre mixed-use project inclusive of four towers and over 2,200 apartments, as well as 420 Kent – the highly anticipated ODA designed, 857-unit multifamily project.
The nearby Broadway corridor is lined with restaurants, cafes and well-known tenants such as Marlow & Sons, Baby’s All Right, Weylin Seymor, Peter Lugar Steakhouse, Brooklyn Industries and CKO Kickboxing just to name a few.