Is another large residential project headed to Williamsburg’s already-crowded waterfront? A developer could potentially make that happen with three new sites that have opened up just north of Two Trees Management’s Domino megaproject.
Consolidated Edison is looking to sell three vacant sites on the waterfront that total 3.2 acres of space, Crain’s reports. Con Ed has retained Cushman & Wakefield to sell and market the sites, and the executive in charge told Crain’s that the site could be rezoned for residential.
At present the sites are zoned for commercial and manufacturing purposes, but with a rezoning, this site could give rise to a mixed-use development with affordable housing that could span as much as 1.5 million square feet. Though there’s no set price at present, the brokers are confident that the three properties will sell for upwards of $100 million.
The sites were used by Con Ed for oil storage until 1997, but they have since been remediated for contamination. The sites border a natural gas plant run by the New York Power Authority that will continue operate from that location.
Con Ed recently sold another massive waterfront site, south of the Domino Project. The Rabsky Group picked up the site for $50 million last year, and has planned a commercial development at the site. Previously the city made it clear that it would not allow Con Ed to market this site as a residential rezoning project as it sits within an Industrial Business Zone. The sites to the north are exempt from this rule, so their residential development is a lot more likely.