Remember that gigantic warehouse fire on the Williamsburg waterfront that is probably still smoldering? The owner believes he can get an awful lot of money for the 11 acre plot of land which he bought for $5 million in the 90’s according to Crains:
The owner of the site, Norman Brodsky, believes his land could fetch $500 million on the open market were it already zoned for residential.
Ok I realize it’s hard to even keep up with some of the astronomical figures we see in Williamsburg real estate, but $500 million is just ridiculous.
Here are some other assets around the same price range as an alternative to 11 acres of charred Williamsburg real estate:
– The budget for ALL of the Star Wars movies
– Half of the company Instagram
– The world’s most expensive private island
What makes all of this worse is that land was promised to become a park via NY Times:
In 2005, a rezoning of almost 200 blocks of Williamsburg and parts of Greenpoint, Brooklyn, allowed for the construction of high-end residential buildings along the water. As part of that deal, the community was promised a 28-acre green space to be called Bushwick Inlet Park.
The 11 acres occupied by the warehouse and a larger, adjacent storage building that did not burn were in the middle.
Council members and neighborhood advocates still think it can be taken and made into a park, so let’s hope they are right. Via Crains:
Because the site is zoned for manufacturing and commercial space, Mr. Levin could thwart any effort to change it over to residential use, because rezonings must get approval from the City Council.
“The city can’t afford not to do this,” Mr. Levin said. “This speaks to the credibility of our local government and my credibility as a City Council member whether we can do the things we say we’re going to do.”
Adam Perlmutter, a neighborhood advocate and board chairman of the Open Space Alliance for North Brooklyn, believes the city should take control of the site through a condemnation process and pay Mr. Brodsky $60 million to $90 million, which is what Mr. Perlmutter thinks the site is worth.