Brooklyn Issue

A Spec Office Building Signals W’burg’s Transformation Into a 24-7 Destination

Williamsburg's still-evolving waterfront. (Credit: Mark Stinson)

Williamsburg’s real estate success story has mostly centered on its residential boom—until now. With a new speculative office tower planned for the Brooklyn neighborhood and high-profile retailers preparing to set up shop, the former industrial area and hipster haven is becoming a hotbed of major league commercial activity.

The neighborhood has been abuzz over, and not always happy about, its residential development, which, with many more projects on the horizon, continues to overshadow the commercial market. There are more than 6,100 residential units in the pipeline, according to data compiled by MNS in January.  Read More

Sales Beat

Park Slope Continues to Soar Post-Barclays With $15 Million Sale

76-82 St. Mark's Avenue

In the latest indication of Park Slope and Downtown Brooklyn’s emergence as commercial real estate powerhouses, 76-82 St. Mark’s Avenue (at Flatbush and Sixth Avenues) has sold for $15 million.

The Brooklyn retail real estate brokerage TerraCRG announced the close of the sale today. The 23,900-square-foot property (with 24,000 square feet of air rights), which is fully occupied, holds 15 apartment and three commercial spaces. Read More

ICSC 2013

Cycling Success: SoulCycle to Quadruple Real Estate Footprint

EleVen By Venus Williams S/S 2013 Presentation Behind The Grey Goose Blue Door

The stylish spinning studio SoulCycle broke into New York real estate through an inauspicious channel: Craigslist.

In 2006, co-founder Elizabeth Cutler was scouring available spaces on the go-to online destination for scalped tickets, used furniture and anonymous hookups. “We couldn’t get a broker to call us back,” Ms. Cutler said. “I told [co-founder]Julie [Rice], one day, people will actually call us.” Read More

Lease Beat

Williamsburg Pizzeria La Nonna Expanding to Luxury Building 184 Kent This August

184 Kent (Credit: Fortis Properties)

The Bedford Avenue pizzeria La Nonna will add a second Williamsburg location after signing a 15-year lease for 3,761 square feet at the luxury rental building 184 Kent. The pie slinger will join Soul Cycle (which opens this weekend), Pudge Knuckles Coffee and Pure Cleaners in the waterfront property’s 18,000-square-foot retail base.

The tenant represented itself in the transaction. Geoff Bailey of TerraCRG represented the landlord, JMH Development. Mr. Bailey said asking retail rent is $65 a foot. Read More

Power Broker

Heart & Soul: TerraCRG’s Geoff Bailey on Williamsburg’s Next Act

Geoff Bailey, photographed by Will O'Hare

To enter the Pacific Street office of the commercial brokerage firm TerraCRG, visitors must buzz reception and walk a few yards through a parking garage before hanging a right.

There’s Sena, an African hair-braiding salon, next door, and beyond that is a row of brownstones that, with minimal touchups, could be airlifted to Park Slope and go unnoticed.

But TerraCRG also sits practically in the shadow of the Barclays Center, and the eye travels to that rusty bird’s nest as you wait for the welcoming buzz.

This location at the traffic, geographic, demographic, architectural and developmental crossroads of Brooklyn suits TerraCRG, a firm launched by Ofer Cohen in 2008 that keeps a strict focus on the ascendant borough’s commercial real estate market.

Vice President of Retail Services Geoff Bailey joined TerraCRG in June of 2010, with previous experience in Brooklyn from five years in sales at Massey Knakal, where he had worked with Mr. Cohen. Mr. Bailey specialized in southeast Brooklyn back then, but thought there was untapped real estate potential throughout the borough. Read More