Joe McMillan’s DDG is plotting a new boutique project on North First Street in Williamsburg.
The mid-block site from 102-110 is between Wythe Avenue and Berry Street and has been owned by the same family since the 1970s.
Since the long-term ownership would be subject to huge capital-gains taxes via a sale, this deal was structured as a ground lease with purchase options.
DDG purchased a 99-year ground lease last year for roughly $12.6 million and has since amassed air rights from some other low-rise buildings for another $740,000.
The site measures approximately 135 x 85 feet. The mixed zoning allows a mere 30,648 square feet, although that could change if other parcels are later included.
The petite size won’t stop DDG’s creative team from designing something extraordinary, although a ground lease would restrict the project to rentals or perhaps a cool office project.
DDG is also busy restoring and converting The Standish hotel in Columbia Heights and has a penthouse in contract for more than $16 million.
The company declined to comment through a spokeswoman.
