Heritage Equity Partners is in contract to acquire a 2.3-acre site in East Williamsburg, two blocks from the Morgan Avenue L subway stop, for close to the property’s $29 million asking price.
The property at 191-231 Moore Street, bounded by Seigel, White and Moore streets, is home to single-story industrial warehouses upon otherwise vacant land. Heritage could potentially develop the 50,000-square-foot buildings into high-end manufacturing facilities, or build retail and hotel space on the empty areas.
The buy follows the developer’s purchase of a $30 million controlling stake in a 130,000-square-foot-plus residential development at 564 St. John’s Place in Crown Heights in June. The company, along with partner Michael Lichtenstein of Lichtenstein Advisory Group, also snapped up 19 Kent Avenue, a 160,000-square-foot Williamsburg site, for about $30 million in October. [Crain’s] — Julie Strickland