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Deals & Dealmakers

Cushman duo brings next gen’ office opportunity to market

Cushman and Wakefield is marketing the site of what could be Brooklyn’s newest next generation office building.

The Gross Family of DM 144 Investors, LLC has  tapped the firm’s Brendan Maddigan and Guthrie Garvin to sell 61 N 11th Street in Williamsburg.

61 N11th Street
61 N11th Street

The family-owned property is next door to Heritage Equity Partners’ under construction 25 Kent Avenue development  – North Brooklyn’s first spec office building in 50 years – and holds identical zoning .

Special Permitting would allow a developer to build 103,000 buildable square feet. Current M1-2 zoning allows for approximately 43,000 buildable square feet of development rights for office, hotel, retail and light-manufacturing uses.

“This is an exciting opportunity that offers scale at the center of the neighborhood’s dynamic commercial district, public parks, popular nightlife and new residential and hotel developments,” said Maddigan.

61 N 11th Street is a three-story brick building with roughly 53,090 s/f of useable space divided between approximately 41,690 s/f of above-grade commercial space and a 11,400 s/f basement.

The parcel, measuring 114.12 feet by 200 feet, also features a curb cut along N 12th Street with a wide roll-down gate and a 2,600 s/f parking and loading area. The entire building is occupied by a single tenant with a lease expiring in August 2020..

“This unique property lays in one of the most dynamic markets in Brooklyn, and we are excited about the future possibilities of the site,” added Garvin.

61 N 11th Street sits among the neighborhood’s iconic new developments, including the adjoining Wythe Hotel, and close to the G and L trains at the Nassau Avenue and the Bedford Avenue stations. The immediate area is also serviced by the B32 bus line and the East River ferry.

The property is listed at $43,000,000.

 

picture top 25 kent

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