Sales Beat

Prime Williamsburg Property Sold for Likely Condo Conversion

77

Marcus & Millichap has arranged the sale of a six-unit multifamily property at 77 Berry Street in Williamsburg, Brooklyn for $2.6 million, where the new buyer will likely create a boutique condo building.   

At $692 per square foot, the sale was a record for a frame exterior building (with a six- to eight-family capacity) in the neighborhood, said Marcus & Millichap’s Mike Salvatico, who arranged the sale. Read More

Hotels

The South Bronx Gets Its First Boutique Hotel

The old Bronx Opera House

Empire Hotel Group expanded beyond Manhattan for the first time this weekend, giving the Bronx its first boutique hotel with the Opera House.

The 60-room lodging, located in the former Bronx Opera House, opened yesterday at 436 East 149th Street in the Melrose neighborhood. 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

Lease Beat

Output Nightclub To Hit Dance Floor On Williamsburg’s Booming Wythe Avenue

74 Wythe Avenue (Photo Courtesy of Brownstoner)

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. Read More