A Williamsburg plot of land went from flea market location to real estate market darling when a developer scooped it up for a whopping $18 million.
A buyer with a plan to build luxury housing purchased a warehouse at the nexus of Meeker Avenue and Richardson and Frost streets that housed the Meeker Avenue Flea Market until it closed down last year, according to a real estate agent involved in the deal.
The sale price might sound high for a chunk of real estate bordering the Brooklyn–Queens Expressway, but broker Robert Kline, who represented both the buyer and the seller, said the site drew top dollar because it’s the last large parcel of land in Williamsburg that’s available.
“People are chasing projects,” said Kline. “They aren’t making any more dirt and the spaces are getting tighter and tighter. A lot of developers are looking for large tracts of land and there’s nothing left.”
The buyer, who is listed on public records as 88 Richardson LLC, plans to tear down the existing structure build 11 stories of housing on the site, according to Kline.
Most of that will likely be high-end rentals, but the developer plans to set aside some of the space for tenants paying below market-rate rents, Kline said.
With 160,000-square-feet of buildable space, the price works out to $112 per square foot — making it “a steal,” according to aptsandlofts.com president David Maundrell.
“Other stuff out there is selling for $150 to $180 per square foot,” said Maundrell, who agrees that the former flea market is a great buy thanks to the size of the plot.
“A lot of the land has been gobbled up in the past year and a half as the rental market has increased,” he said.