Last fall, the City Planning Commission approved a controversial plan to rezone the former industrial site of Rheingold Brewery, making way for 977 units of housing (24 percent of them affordable) and possibly sounding the death knell for the Bushwick way of life. And now, it looks like that initial rezoning was only the tip of the iceberg. According to Crain’s New York, a massive factory site at 95 Evergreen Avenue, just east of Rheingold, has hit the market and its new owners will most likely petition to change its zoning.
Princeton Holdings, a “premier real estate investment and finance company,” is currently in negotiations to buy the Bushwick factory for a cool $34 million, adding to the more than $4 billion dollars in real estate holdings the company already possesses.
And like Read Property, the company that snapped up the Rheingold property, Princeton will most likely seek approval from the City Council to change the site’s zoning from “manufacturing use” to residential–community approval pending, of course.
Follow Nikita Richardson on Twitter @nikitarbk