November 16, 2016
Consolidated Edison is unlikely to sell its prime site on the waterfront in New York City’s Williamsburg neighborhood to a high-rise residential developer, even though the site is near several other giant industrial sites turning into luxury residential projects, like the old Domino Sugar Factory. City officials have refused to change the zoning of 500 Kent Avenue from manufacturing to residential.
Local officials say they want to keep the site’s zoning to create more jobs. “We are telling [Con Ed] to manage expectations for potential bidders, by making it clear that this site is going to stay industrial,” said Brooklyn Borough President Eric Adams, according to Crain’s New York Business.
Under current zoning, a buyer could build a 230,500-square-foot project. “The flexible M3-1 zoning designation permits a wide array of commercial uses, including retail, office, light manufacturing, and mixed-use,” according to the site’s listing with Cushman & Wakefield.
— Bendix Anderson
For comments, questions or concerns, please contact Amy Sorter