Crains New York
October 19, 2015
Midtown Equities offers 205 Montague for sale
The firm has put the large parcel it owns in downtown Brooklyn up for sale for over $200 million.
Developer Midtown Equities is hoping to sell a property in downtown Brooklyn in a deal that could help it buy one of the biggest development sites in Williamsburg.
The firm has put the large parcel it owns at 205 Montague St. in downtown Brooklyn up for sale for over $200 million. The site, currently home to a five-story retail and office building, allows for a 300,000-square-foot residential tower with affordable housing that could soar 700 feet or higher.
Midtown Equities has hired a sales team from Cushman & Wakefield led by Bob Knakal, Cushman’s chairman of investment sales in the city, to market the site and arrange a deal.
Meanwhile, Midtown Equities is trying to complete a $200 million-plus deal to acquire a huge property on the waterfront in Williamsburg. That site achieved widespread attention earlier this year when one of two warehouses there that are occupied by the records archive business Citi-Storage burned to the ground.
Community activists have called for the city to deliver on a past promise to transform the Citi-Storage property into a section of Bushwick Inlet Park, but so far, the city hasn’t made efforts to purchase it. Midtown Equities could build more than 600,000 square feet of manufacturing space as-of-right on the land. The company is rumored to be aiming for a deal with the city to convert a portion of the parcel into parkland in exchange for permission to develop retail, office and residential space on the inland portion.
