Brooklyn's Old Dutch Mustard site sold for $25m.

In a transaction that stands to further catalyze the transformation of the old industrial neighborhood of North Williamsburg in Brooklyn as the newly-re-zoned area becomes more heavily residential, a 127,000 s/f development site, the former Old Dutch Mustard Company at 60-90 Metropolitan Avenue, has traded for $25 million.

Eastern Consolidated's Peter Hauspurg, chairman and CEO, together with Alan P. Miller, director, represented the seller, Old Dutch Mustard Co., Inc. & Sastro Corp., while Eastern's Jeffrey B. Troy, senior director and Louis Ricci, director, procured the purchaser, Steiner Equities Group, LLC, developers of the nearby Steiner Studios complex in the Brooklyn Navy Yard. According to Hauspurg, "With the implementation of the zoning change instituted last year, this site at 60-90 Metropolitan Avenue stands to significantly increase in value, as residential, commercial, and retail developments get underway."

The site, formerly zoned for manufacturing, is currently comprised of six different parcels totaling 47,000 s/f of land, with 329 feet of frontage on Metropolitan

Avenue, 312 feet of frontage on North 1st Street and 138 feet of frontage on Wythe Avenue. The Old Dutch Mustard Factory Building standing on the site has been vacant for more than two decades and despite its iconic presence will be razed when new development commences. "Although I was first attracted to the Old Dutch Mustard Building because of its architecture," said Douglas C. Steiner of Steiner Equities, "under the residential zoning code particular to this site and the current building code, it behooved us to build from the ground up.

"We tried a variety of architectural plans to include the existing 20,000-square-foot building but ultimately decided that it just wasn't feasible. The residential complex we build in its place, however, will be in keeping with the architectural style and scale of the neighborhood and hopefully will enhance it as New York's most exciting artists community."

Karen Scanna Esq. of Stroock Stroock & Lavin LLP represented the buyer in the transaction, while Andrew W. Albstein, Esq. of Goldberg, Weprin & Ustin LLP acted for the seller.