Caspi Development and MacTaggart Family & Partners LP have purchased a 23,064 s/f corner Williamsburg office building in deal brokered by Michael Sherman of The Manhattes Group.
The buyers intend to turn the property into a boutique office building for high tech and creative office tenants.
Originally built in 1901 for the Nassau Trust Company, the impressive six-story building at 134-136 Broadway was delivered partially vacant of the financial companies that have populated the offices for the past several years, according to Joshua Caspi, principal of Caspi Development.
The JV partnership paid $18.85 million to the seller, an LLC led by David Ekstein.
Caspi said work will get underway next month on renovating the building to modernize the mechanicals and build out contemporary offices for what he calls “a home-grown, organic office development.”
Caspi explained, “My program is to attract home-grown business and ventures within Brooklyn. Based on my smaller floorplates, rentable office floors will range around 5,000 s/f.”
The property will have a common roof deck and a private rooftop terrace on the sixth floor. Offices will be built out with high-end finishes and tenant amenities.
noting that the company is looking to replicate the success it has had with similar ventures on The Bowery and in Tribeca, Caspi said, “We have a specific program where we buy older buildings that have good fundamental characteristics and we rehab them as high-end modern office buildings. With our location in Williamsburg, we feel that there’s a real opportunity to appeal to the same dynamic.”
While this is Caspi’s first office venture in Brooklyn, the company is no stranger to the neighborhood having owned and developed apartment properties in Park Slope, Bed-Stuy, Greenpoint and Clinton Hill
Caspi said, “The number of residents that are currently looking for office stock in Brooklyn are such that I can provide something more unique on a small scale basis.”