Construction Progresses on Five Building Mixed-Use Complex along South Williamsburg’s Waterfront
The first phase of a planned 5-building mixed-use complex that will spread across a 3.75-acre site along South Williamsburg’s waterfront is nearing construction completion. Dubbed Williamsburg Wharf, Naftali Group and Access Industries are the developers of the project that upon full construction completion is expected to add 1 million square feet of residential, commercial and retail space to the neighborhood including 850 residential condominium and rental units. A 525-foot-long public esplanade will also be created along the East River. The trio of 22-story buildings well underway have addresses 480 Kent Avenue, 482 Kent Avenue, and 11 Wharf Way will deliver a combined total of 703,532 square feet. The site bound by Division Avenue to the south, Kent Avenue to the east, South 10th Street to the north, and Wallabout Channel to the west was acquired by the development team in May 2020. News reports in February 2019 when the sale went into contract indicated that the 2-parcel assemblage fetched between $180 million and $185 million, and in May 2020 a combined total of $102.382 million through two separate transactions was recorded on city records, with the closing of the remainder reportedly expected to be completed at a later date. Although a timeline has yet to be announced for the second phase of the project, the estimated $600 million first phase is expected to complete construction by the end of 2025.