The building at 340 Wythe Avenue in South Williamsburg has sold for $7.5 million, Commercial Observer has learned.
According to a spokeswoman for TerraCRG, the firm that brokered the transaction, the 8,633-square-foot “L-shaped” property is zoned for commercial use and sits between South First and South Second Streets.
The property is commercially zoned for approximately 17,266 buildable square feet. The existing single-story warehouse at the site is vacant.
With a $7.5 million price tag, 340 Wythe sold for $250,000 more than its asking price.
The buyer was a Manhattan-based real estate development and investment group and the seller, Williamsburg Bridge Realty Corp., which includes several partners that own the property. The spokeswoman declined to further identify the buyer. It was not immediately clear what the buyer’s plan is for the property.
TerraCRG’s Ofer Cohen, Melissa Warren, Peter Matheos, Dan Marks and Michael Hernandez represented the buyer and the seller in the transaction. One of the partners was previously occupying the property for warehousing, Ms. Warren said.
According to Ms. Warren, Williamsburg Bridge Realty decided to sell the property because it’s dissolving the partnership. This was the only property the partners owned collectively.
The property at 340 Wythe Avenue sits squarely in one of the most rapidly gentrifying neighborhoods in New York. Nearby, there is an Urban Outfitters, Anthropologie, J. Crew and SoulCycle. As previously reported by Commercial Observer, Vice Media is moving down the street at 49 South Second Street.
“The property has really good frontage on Wythe Avenue, as well as South Second Street, which lends itself for a variety of uses, including retail, restaurants and office,” Ms. Warren said. “There’s a big demand for these types of building. A lot of the new retailers and restaurateurs want to be in these industrial buildings that have character.”