SL Development has acquired, for $23 million, the three-story former industrial building at 722 Metropolitan Avenue, located in the heart of Williamsburg. The property has roughly 70,000 square feet of air rights. The developer plans to vertically expand the building by four stories and convert it into residential and retail space, The Real Deal reported.
Retail space would be located on the ground floor, followed by 69 condominium residential units on the floors above. The project is expected to be complete in 2019, although alteration permits have not been filed at this time.