Joshua Greenberg, principal at Green Street, indicated that the hardware store will be demolished and replaced by an 11-story rental building with 75 units, stating that the project is expected to begin next year and take three years to complete.
TerraCRG CEO Dan Marks expressed pride in working with families on such sensitive transactions, emphasizing their expertise in managing confidential marketing processes and respect for the legacy of multi-generational businesses.
The properties sold for $22 million, with $15.5 million assigned to the former store buildings, while development potential includes an increase from 72,864 to 97,152 square feet through inclusionary housing.
Following the closure announcement of Crest Hardware, which served the community for over six decades, the redevelopment reflects the shifting landscape of Williamsburg and the rise of new residential spaces.
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