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Tuesday, March 19, 2024

North Williamsburg Loft Building Hits Market for $52M

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A former factory that is now a three-story loft building, and has been the home of several artist, in Brooklyn’s trendy neighborhood of Williamsburg has gone on the market with an asking price of $52 million.

The building is in the northern section of the area at 151 Kent Avenue between North Fourth and North Fifth streets. Over the past ten years this neighborhood has been transformed by rezoning and new developments along the waterfront. This property is just one block from an East River ferry stop and two blocks south from the beautiful East River State Park. The brick building contains 56,550-square-feet, spread across 46 fully leased loft units. It also has a basement, and the potential for expansion with 34,000-square-feet of air rights. Along Kent Avenue, the property has 200 feet that could be turned into a profitable retail space.

In a statement, Brendan Maddigan of Cushman & Wakefield, who is marketing the property with his colleagues Ethan Stanton and Michael Gigante, said, “Loft buildings of this scale are rarely available in North Williamsburg.”

In the late 1990s, artists converted the former factory into loft-style residences, up until the property came into Loft Law’s sights, which then worked to get the building up to code. The co-living company Pure House recently leased a portion of the property, but it ended up shutting down its units there and the property owner decided to rent lofts the traditional way.

Crain’s News reports, “The listing is hitting the market at an uncertain time for Williamsburg and much of northern Brooklyn. In April the Metropolitan Transportation Authority plans to begin a 15-month shutdown of the deteriorating East River tunnel used by the L train. The repair project has sowed fears in the real estate community of softening demand and prices in the neighborhoods along the subway line. The city has unveiled a plan to beef up bus and ferry service. The de Blasio administration is also planning a streetcar that would run along Kent Avenue in front of the property, though officials have been mum on the project’s progress lately. It faces huge price obstacles, hinging on how much subsurface infrastructure must be moved.”

By Charles Bernstein

 

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