Williamsburg’s Crest Hardware Sold for $22M, to Be Turned Into Apartments
By Isabelle Durso December 17, 2024 2:49 pm
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Crest Hardware, once a beloved hardware store in Brooklyn’s Williamsburg neighborhood, will be turned into a residential building as part of a $22 million purchase on Metropolitan Avenue.
Real estate firm Green Street bought 536, 546, 554 and 558 Metropolitan Avenue from Ribiero Associates last month for a total of $22 million, according to broker TerraCRG and city records.
“This sale highlights the strong demand for well-positioned properties in Williamsburg, one of Brooklyn’s most dynamic neighborhoods,” TerraCRG’s Dan Marks, who brokered the sale along with Daniel Lebor and Andrew Manasia, said in a statement. “The site’s development potential, premier frontage and excellent access to transit create a unique and exciting opportunity for the new owner.”
A spokesperson for Green Street did not immediately respond to a request for comment.
The four properties between Union Avenue and Lorimer Street cover a combined 21,120 square feet and feature nearly 125 feet of prime frontage, according to TerraCRG.
Crest Hardware, once located at 558 Metropolitan Avenue, closed its doors in August after making a name for itself over six decades as a neighborhood staple. In addition to selling hammers and other hardware, Crest also hosted popular music festivals and art exhibitions — and even had a resident pig and talking parrot.
Crest’s Williamsburg property was also home to Urban Garden Center, which offered a large selection of plants, tools and garden accessories. Crest was owned by Joe Franquinha, a partner in Ribiero Associates.
However, after a disagreement between the members of the family that co-owned the properties and ran the hardware store, Crest’s lease was not renewed and the building was put up for sale, Brownstoner reported.
About 100 mourners even attended a wake for the beloved institution in August for its final neighborhood gathering, the New York Times reported.
“Crest Hardware has always been committed to serving the community but faced a difficult decision when ownership had differing views on the future direction of the property,” Franquinha said in a statement.
“TerraCRG excelled in navigating the complexities of this situation with great sensitivity, ensuring that Crest’s reputation and long-standing, positive relationship with the community remained intact,” Franquinha added.
Now, Green Street plans to demolish the properties along Metropolitan Avenue and build an 11-story, 75-unit multifamily rental property in its wake, according to Crain’s New York Business. Construction is set to be complete in about three years, Crain’s cited Green Street Principal Joshua Greenberg as saying.
“Our team takes great pride in working with families who have successfully owned and operated multi-generational businesses at their properties,” TerraCRG’s Marks said. “We are highly experienced in managing confidential marketing processes while respecting the sensitive nature of these transactions. We are honored to have earned the trust of ownership in the sale of this beloved Brooklyn institution.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
