Local Investor Picks Up Greenpoint Industrial Site for $15M, Plans Office Space
Brooklyn real estate investor Joel Jacobowitz has purchased an industrially zoned parcel at 1 Wythe Avenue, on the Greenpoint-Williamsburg border, for $15.3 million with plans to develop a new office and retail project there, brokers on the deal told Commercial Observer.
The 16,820-square-foot parcel bounded by North 15th Street, Banker Street and Wythe Avenue could accommodate a 33,641-square-foot commercial and community facility building without a zoning change, according to marketing materials provided by Marcus & Millichap (MMI).
If Jacobowitz applies for a special permit—like Simon Baron Development did nearby at 12 Franklin Street and Rubenstein Partners and Heritage Equities did at 25 Kent Avenue—he would be able to build up to 80,378 square feet of office, retail, industrial and community facility space on the site. A project that followed the same zoning framework as 25 Kent and 12 Franklin would have to include some industrial space in exchange for the right to build a larger office building than would be allowed under the current, low-density industrial zoning.
The seller, Patrick Turturro, had owned the three lots on the triangular block since 1994, according to public records. The site is currently home to three small warehouses, which house a furniture designer and a marble and granite countertop wholesaler.
Marcus & Millichap’s Shaun Riney, Michael Salvatico, Peter Von Der Ahe and Joe Koicim brokered both sides of the sale.
“The sale of 1 Wythe Avenue provides further evidence that this pocket of North Williamsburg continues to evolve into Brooklyn’s version of the Meatpacking District,” Salvatico said. “Moreover, the competitive bidding from some of the largest owners in New York during the marketing process clearly shows that this area is still in high demand even with the impending L train shutdown and slowdown of retail leasing.”