Brooklyn, NY - A prime waterfront development property in Williamsburg that has been the subject of controversy for years has hit the market, and if its asking price is met it could become the highest priced development site in Brooklyn so far this year.
The WALL STREET JOURNAL reports that the 3.75-acre site, owned by developer Isack Rosenberg, along with his brother Abraham, is located at 462-490 Kent Ave. and has an asking price of $210M.
Sources say that 226 of the its total 754 proposed units will fall under “affordable housing,” the source of controversy attached to the cite for several years.
The controversy surrounding the cite began in 2009 when critics, including Councilman Stephen Levin, balked at the Rosenberg’s proposed numbers for affordable housing.
After upping the number of affordable housing units from 20% to 30%, the Rosenberg’s plans were approved by the City Council in 2010.
Throughout the entire process, political input from the warring Satmar factions of Aaron and Zalman Teitelbaum drew clear battle lines within the community.
Looking back, Abraham Rosenberg insists that the majority of the controversy was politically motivated, citing as evidence the sale of an adjacent property around the same time.
Gabriel Saffioti, the director of Eastern Consolidated, who represents the Rosenbergs, said the current property boom in Williamsburg is “hotter than hot,”
and said the sale of the Rosenberg’s property could top the $185M sale of the Domino Sugar Factory.