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.
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.
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.