Crest Hardware Store Sells for $22 Million, New Apartment Building to Rise in its Place
Property Transaction
A longtime Williamsburg institution, Crest Hardware, has sold its iconic storefront and adjacent properties for $22 million. Green Street, a real estate developer, purchased the properties, which include the hardware store, a garage, and a mixed-use building, in late November. The sale was made public in city records this week.
Property Details
The transaction involved the purchase of three separate properties. Green Street paid $15.5 million for the hardware store buildings at 558 Metropolitan Avenue and 554 Metropolitan Avenue, $3 million for Crest’s garage at 546 Metropolitan Avenue, and $3.5 million for the mixed-use building at 536 Metropolitan Avenue. The properties are connected by a narrow strip of land in the rear.
New Development Plans
According to Green Street principal Joshua Greenberg, the hardware store will be demolished and replaced by an 11-story, 75-unit rental building with no retail space. The project is expected to begin within the next year and be completed in three years.
Zoning and Inclusionary Housing
The properties are zoned R7A and C2-4, allowing for a range of development options. The buildable square footage is 72,864, and developers can use inclusionary housing to increase that to 97,152 square feet.
TerraCRG’s Involvement
TerraCRG, a real estate brokerage firm, announced the sale in late November. In a statement, CEO Dan Marks said, "Our team takes great pride in working with families who have successfully owned and operated multi-generational businesses at their properties. We are highly experienced in managing confidential marketing processes while respecting the sensitive nature of these transactions."
Crest Hardware’s Legacy
Crest Hardware, which announced its closing in July, was known for its knowledgeable staff, community events, and wide range of products. The store was a beloved gathering place for local artists and families, and its closing was met with widespread sadness. Hundreds of people attended a closing party in August.
Conclusion
The sale of Crest Hardware and its adjacent properties marks the end of an era in Williamsburg. While the developer’s plans for the site are yet to be finalized, the property’s unique history and character are sure to be remembered for years to come.
FAQs
Q: What is the price of the property?
A: The property sold for $22 million.
Q: Who is the new owner?
A: Green Street, a real estate developer, is the new owner.
Q: What are the plans for the property?
A: The hardware store will be demolished and replaced by an 11-story, 75-unit rental building with no retail space.
Q: When will the development begin?
A: The project is expected to start within the next year and be completed in three years.
Q: What is the zoning of the property?
A: The properties are zoned R7A and C2-4, allowing for a range of development options.
