Williamsburg firm buys Downtown Brooklyn parking lot for $58M, plans two resi buildings

A prominent parking lot site located at 55 Smith Street in Downtown Brooklyn has been sold to a Williamsburg-based developer for $58 million. The transaction marks the beginning of a new residential project in the neighborhood, replacing the existing parking facility.

The developer plans to construct two residential buildings on the site. One of these structures is intended to be a 99-unit project, a specific building size that has recently gained popularity among developers in New York City.

Summary by Dispatch AI — read the full story at Crainsnewyork.