Cornell Realty Management Leases 44K-SF Building in W’burg for Redevelopment
By Lauren Elkies Schram October 12, 2018 9:50 am
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Brooklyn-based real estate development firm Cornell Realty Management has signed a “long-term” lease for the entire 40,500 square feet of interior space and 3,500 square feet of outdoor space at 75 Metropolitan Avenue in Williamsburg, Brooklyn, Commercial Observer has learned.
As part of the deal, the Isaac Hager-led company—which is co-developing a ground-up commercial project nearby at 200 Kent Avenue—will “redevelop and renovate the property, including a new facade, modernized lobby and elevators, as well as upgraded state-of-the-art building mechanicals,” according to a news release provided by Newmark (NMRK) Knight Frank to CO. NKF’s Ryan Gessin represented the tenant as well as the owner, Metropolitan 75 Realty. NKF’s Alyssa Zahler, Whitten Morris and Joseph Sipala also represented the owner. Gessin and Zahler will lead a team in re-leasing the building, which will have retail at the base, for Cornell.
“We share Cornell’s vision of delivering flexible, built, creative space in a market where product has been hard to come by,” Zahler said in prepared remarks. “We are thrilled to bring the building to market by staying true to the building’s roots—incorporating design elements from the original structure including a restored vault we salvaged from the second floor.”
A NKF spokesman declined to provide the length of the lease at the five-story industrial building, but said the asking rent was in the mid-$40s per square foot.
Renovations will commence in November and be completed by next summer. The building will be renamed The Vault at 75 Metropolitan.
