New York, NY – May 15, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 333-335 Irving Avenue, a significant mixed-use conversion opportunity located in Brooklyn’s Bushwick neighborhood. The scheduled closing price is $11,500,000.
A Cushman & Wakefield brokerage team led by Director DJ Johnston, represented the seller, Standard Tinsmith Supply, in the transaction. The property is being purchased by Cheskie Weisz and organized by Michael Wittow of CW Realty.
“The composition between this seller and buyer represents a growing trend in Brooklyn, as end-users weigh the value of their properties against the business benefits of remaining in their current location. In prime development areas, the seller need not look more than one or two miles away to justify selling and moving to a newer, larger, more efficient space to operate their business” said DJ Johnston of Cushman & Wakefield.
333-335 Irving Avenue is an assemblage of two tax lots that offers corner to corner exposure with 400’ of wraparound frontage, located right off the Myrtle Avenue retail corridor. Tax Lot 4 is comprised of a 12,500 square-foot steel enforced warehouse, which can be delivered vacant, with 20’ ceilings and additional mezzanine space. Tax Lot 6 is a vacant 75’ x 100’ lot that, along with the transferred air rights from Tax Lot 4, offers 31,500 buildable square feet. In total, the property offers 44,000 buildable square feet.
“This property presented the perfect combination of frontage, location, and scale that attracted every active developer in the market. CW Realty created a competitive advantage for themselves by working with Cushman & Wakefield to arrive at terms that took pressure off the seller as they navigate the relocation of their business.” Johnston added.
Situated in the heart of Bushwick, the location is ideal for both retail and residential development with retail rents leasing around $40 per square foot and residential rents exceeding $50 per square foot. Neighboring retailers include Starbucks, Dollar Tree, and CVS, among numerous local bars and restaurants. Multiple transportation options are available within a block, including the L and M subway lines at the Myrtle-Wyckoff Station.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.