The northside Williamsburg building that houses Output nightclub sold last Thursday for $7.4 million, Commercial Observer has learned.
The club is expected to “continue normal operations as per a long term lease that is in place,” said Jacob Sacks, one of the two principals of Cayuga Capital Management, which sold the building with capital partner, Latus Partners. The buyer is a New York City-based family with extensive real estate holdings, Mr. Sacks said, declining to get more specific.
Food & Drink
The Sydell Group has closed on a parcel of land on sizzling Wythe Avenue in Williamsburg where a Freehand Hostel is rumored to be in the works. A Freehand Brooklyn might compete with the new-ish Wythe Hotel for guests.
Last December, Sydell paid the Rosenwach Group $10 million for three parcels on Wythe Avenue between North 9th and 10th Streets.
On Sunday, just three months after its grand opening, the 11,424-square-foot Williamsburg dance club Output will officially debut its roughly 2,500-square-foot penthouse and rooftop bar. The underground party promoter ReSolute will break in the space atop 74 Wythe Avenue, with Kiwi house DJ Recloose, along with resident talent, providing the soundtrack.
“It’s in the heart of Williamsburg with an amazing skyline view, and we have a feeling that we’re all going to [be] spending lots of time there this summer,” reads the ReSolute announcement. Plans for a penthouse and roof deck were included in the original Department of Buildings application filed by David Cutler, of Hustvedt Cutler Architects, in September of 2010.
On the Market
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.
Two floors encompassing 92,000 square feet of retail space at the luxury residential conversion 185 Wythe Avenue in Williamsburg are on the market.
The leasing agency, TerraCRG, claims in the listing that this is the largest contiguous available retail block in the north Brooklyn neighborhood. Asking rents are at $50 per square foot for minimal divisible lot sizes of 5,000 square feet.
After spawning enough trend pieces last summer to merit its own styles section, Wythe Avenue in northside Willliamsburg continues to churn out high-profile nightlife openings.
The next promising arrival is Output, a 452-person-capacity nightclub at 74 Wythe Avenue opening in the next few weeks that looks to give the neighborhood’s discerning electronic dance music contingent a place other than legally dubious warehouses and lofts to check out its favorite deejays.
A source familiar with the project told The Commercial Observer that Output will be one of two venues operating under separate leases at the 11,424-square-foot building (up from 7,324 square feet after the construction of a second floor). The main club (and restaurant) will be joined by a back room and roughly 2,500 square feet of outdoor rooftop space, together accommodating up to 348 people.