Two Trees Management has pleased some affordable housing advocates and stoked concern among others with a plan to isolate almost one-third of the affordable apartment units at the Domino Sugar Factory project in one tower farthest from the East River.
While the method would hasten the construction of units for less affluent locals, the method could also lead to a perception of not-so-subtly segregated affordable housing that has haunted other recent, large-scale developments along the Williamsburg waterfront.
After securing a $45 million loan from Meridian Capital Group to finance the development of Williamsburg’s first Whole Foods, the healthful grocery Goliath is targeting a mid-2014 debut.
The 35,000-square-foot store at 240-242 Bedford Avenue is part of a 150,000-square-foot development that will take up a full block of North 4th Street between Bedford Avenue and Berry Street. The project will also include a New York Sports Club and luxury rental apartments.
Eight years after a rezoning paved the way for the Williamsburg waterfront’s transformation into Miami Beach, residents and politicians in neighboring Greenpoint are speaking up about their own shoreline.
District councilman hopeful Stephen Pierson vowed that he will go to court to reduce the size of planned 40-story towers to 15 or 20 stories. And other opponents of the waterfront redefinition have released renderings of hulking high-rises that dwarf the Manhattan skyline across the river.
Six mixed-use buildings in or near Williamsburg’s fast-evolving southside sold for $27 million. An investment group led by Waterbridge Capital LLC acquired the properties–185 North 3rd Street, 170 South 1st Street, 72 Box Street, 626 Driggs Avenue, 280 Metropolitan Avenue and 290 Metropolitan Avenue–from 170 South First Street LLC.
Earlier this year a giant murky puddle at Brooklyn’s McCarren Park was being affectionately referred to as “Hipster Lake.”
Nearly half a year and $930,000 later, Williamsburg and Greenpoint residents must say goodbye to the oft-flooded section of the park between Bedford and Driggs avenues.
The park reopened yesterday, with newly carved pathways, drains designed to Read More
Two Trees Grows In Brooklyn
The new Domino Sugar refinery will redefine the skyline of Williamsburg’s southside and potentially create 3,000 new jobs in the residential area, but its retail tenants will hew closely the neighborhood’s famed (and, at times, mocked) indie mindset, Two Trees Management Company Principal Jed Walentas told a crowd yesterday at the Brooklyn Academy of Music.
Two Trees, which helped make Dumbo what it is today, will stress “small-scale independent” retail at the project. One slide in a Power Point presentation of the Domino site presented by Mr. Walentas had “No Big Box” spelled out in big letters. Two Trees is aiming for dynamic merchants that will increase the all-hours livelihood of the area. “If you build more Duane Reades,” Mr. Walentas said, “you’ll only bring in people who need to buy toothpaste.”
Food & Drink
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.
The Brooklyn Army Terminal plays only a peripheral role in Last Exit to Brooklyn, Hubert Selby Jr.’s dystopian 1964 novel about the Sunset Park and Bay Bridge neighborhoods of Brooklyn. But the compound—still an active base in the book—is the fulcrum around which Mr. Selby’s panoply of broken soldiers, hookers, junkies and hoods circulates.
Last month, the rejuvenated B.A.T. won a major tenant. The artisanal chocolatier Jacques Torres signed for 39,000 square feet in the 95-year-old compound that served as the United States Army’s port of embarkation during World Wars I and II.
“The building has soul,” Mr. Torres said. “When you go there, you touch history. When I visit, I get that cold chill going through me.”
The ghosts of army grunts and the military-industrial complex are not the only historical vestiges that haunt the 4.1-milion-square-foot B.A.T. and the Sunset Park neighborhood that surrounds it. There’s also a residual perception of the forlorn squalor and grit that permeated Mr. Selby’s novel.
“You know, it’s actually not a bad neighborhood,” Mr. Torres said. “You can go there and not get shot.”
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.
On the Market
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.
For more than five years, an exodus of the young and hip from the aluminum-siding-studded homes of Williamsburg, Brooklyn, has been flowing southeast into neighboring Bushwick.
But now a nascent 80,000-square-foot retail and nightlife complex at 82 Bogart Street threatens to cement the neighborhood’s imminent transformation from underground hipness to mainstream retail success once and for all.
First it was the hipsters. Then it was China. And now the city’s largest office landlord, SL Green Realty Corp., is finally seeing promise in the residential development of Williamsburg, Brooklyn.
The real estate investment trust and commercial real estate giant announced this morning that it has agreed to purchase a newly completed, vacant residential building in the hip-turned-posh Brooklyn neighborhood — the company’s first foray into Brooklyn’s residential market.
Information in a prepared statement sent by the company suggests that the address is 250 Bedford Avenue, though it was not specified.
Imperium Capital, a real estate investment company, has acquired a roughly 16,000-square-foot building in Williamsburg for $3.4 million, the company’s principals revealed to The Commercial Observer. The firm bought the building in partnership with Great Point Properties, another investment firm.
The property, 174-180 North 11th Street, sits on a parcel that can accommodate about 36,000 square feet of development the firm’s executives said, though they said they plan on operating the existing building there for the foreseeable future in large part because of its retail space.
“We are very bullish on Williamsburg, especially the northern end near McCarren park,” Sam Schneider, a managing partner of the company, told The Commercial Observer. “We love that area specifically for residential and retail.”
The Edge, one of Williamsburg’s newest condominium buildings and fastest selling apartments in the city, just signed three new retail tenants to occupy their ground floor spaces: Fabbrica, Ride Brooklyn, and the Brooklyn Harvest Market.
From the same owner as Acqua at Peck Slip Restaurant and Wine Bar in Manhattan, Fabbrica, an Italian espresso bar Read More