Liberty Paper & Plastic, a nearly 25-year old company that provides packaging materials, paper products and paper bags, will be moving from their space at 481 Wythe Avenue in Williamsburg to 191 Clifton Place in Bedford-Stuyvesant.
The lease clocks in at 5,000 square feet, brokers said.
“[Liberty Paper & Plastic] had to move because the landlord at its previous location was converting the building into residential units. The space at 191 Clifton Place is similar in size to the old location,” said Vincent Lopez, a broker at Kalmon Dolgin Affiliates. “It was a perfect match.”
The tenant also wanted to be near home and closer to the company’s customers, as well, Mr. Lopez noted.
Mr. Lopez was joined by his colleague Jacques Wadler in representing the landlord, a local private investor. Two additional brokers from KDA, Joel Kohn and Avrum Lieber, represented Liberty Paper & Plastic in the deal.
The changing real estate landscape of Williamsburg and Bedford-Stuyvesant have become a challenge for companies that were drawn to the area for its cheap rent on warehouse properties.
“[Liberty Paper & Plastic] was looking for a warehouse in and around the [Williamsburg] area,” added Mr. Lopez. “The trick was to find warehouse prices. Most warehouse prices have changed as landlords want bar/restaurant style tenants that pay north of $20 per square foot.”
The one-story industrial warehouse at 191 Clifton Street, zoned as an R6 property, will be knocked down and redeveloped at the end of the lease.
“The landlord wanted a short-term tenant because he plans to build a 16-family [building] on this site in the future,” added Mr. Lopez. “The landlord preferred to do a 5-year lease but compromised with a 7-year deal.”