DOT Nails Down 156K SF in East Williamsburg
By Rebecca Baird-Remba February 14, 2023 4:38 pmreprints
The New York City Department of Transportation has finalized a long-in-the-works deal for 156,000 square feet of office and warehouse space in East Williamsburg, Brooklyn, according to the Department of Citywide Administrative Services (DCAS).
DOT inked a 20-year deal for a three-story office and single-story warehouse building at 101 Varick Avenue, at the corner of Johnson Avenue. The agency first started negotiating to occupy the property — which includes a 92,000-square-foot warehouse and 62,000-square-foot outdoor parking lot — with landlord Rabsky Group in 2019 and has occupied it since, as Commercial Observer previously reported. Its initial agreement with the landlord was a license agreement, which the agency is now converting into a long-term lease, according to a DCAS spokesperson.
DOT stores streetlights at 101 Varick, and it has offices for its sidewalk inspection and emergency response units there.
The agency would pay $4.6 million annually, or $29 a square foot, for the first five years of the lease, and rise every five years until it reaches $6.3 million, or $40 a square foot, for the last five years, according to The City Record.
David Junik and Abraham Lowy of Pinnacle Realty represented the landlord and declined to comment. CBRE’s Jun Park, John Reinertsen and Michael Lee represented the tenant. A CBRE spokesperson didn’t return a request for comment.
Rebecca Baird-Remba can be reached at email@example.com.