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.
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