An 18-acre waterfront property in Whitestone earmarked for the development of 52 single-family homes has been listed for sale by commercial realty company Cushman & Wakefield.
The property — located at 151-45 Sixth Road in Whitestone and known as Waterpointe — is currently owned by Edgestone Group, which paid $11.3 million for it in 2012. Cushman & Wakefield broker Stephen Preuss confirmed that the agency has been exclusively retained to arrange the sale, which is marketed to buyers looking to carry on Edgestone’s plan of building 52 homes and a waterfront park.
The property is listed to be sold “as-is.” Buyers would take up the burden of arranging for environmental cleanup of soil vapor which has been recorded to have elevated concentrations of aromatic and non-aromatic chemical compounds. Additionally, new owners would be tasked with mitigating any potential threat these vapors could pose to a residential community.
According to Preuss, the sellers did not name an asking price and are requesting proposals from potential buyers.
“Like any smart property owner, they’re seeing what the market has to yield currently,” Preuss said. “We’re in a very active market and there’s not a lot of large-scale, bulk land available in the boroughs.”
When contacted by The Courier, Waterpointe architect Joe Sultana disputed that the property was for sale and implied that he believed the listing to be unauthorized by the development team. Sultana said that to his knowledge the project was continuing as planned, with a meeting to discuss details of the development scheduled for September with members of Community Board 7.