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Consolidated Edison unit sells Brooklyn, NY, development site for $150M

Two Trees Management Co. LLC paid $150 million to acquire a 3.2-acre waterfront development site in the North Williamsburg neighborhood of Brooklyn, N.Y.

Consolidated Edison Inc. unit Con Edison sold the River Street Assemblage, which also offers up to 285,020 buildable square feet of development rights and includes a significant portion of land under water, and associated piers and platforms.

The property has a M3-1 zoning designation, which allows for various commercial uses, including retail, office, manufacturing and mixed-use projects.