Yet another development firm is making a beeline for the Rheingold Brewery site in Bushwick. All Year Management paid $72.2 million for a large parcel of land at 28 Stanwix Street, the Real Deal reported, adding to another piece of land it purchased at the adjacent 123 Melrose Street, for $68.5 million, last year.
Most of the parcels located at the former Rheingold Brewery site are currently owned by Read Property Group, but the firm has been divvying up the land to prospective buyers of late. Apart from All Year Management, the Rabsky Group is another development firm with a stake in the site. Rabsky owns the property at 10 Monteith Street, where it's planning a rental building.
Plans for the properties purchased by All Year Management once called for the creation of a 385-unit building developed by Read and designed by an affiliate of Perkins Eastman.
The redevelopment of the larger 10-block Rheingold Brewery site is expected to bring just under 1,000 apartments to Bushwick when all the construction wraps up. The site has come under scrutiny for its commitment to affordable housing.