A group of buyers is hoping to turn a former manufacturing building in North Williamsburg into a hub for creatives.
A partnership led by Mark Grunfeld, which includes Abe Mandel, Joseph Brunner and Jerry Brach, just purchased a mixed-use building at 78-92 Kingsland Avenue in Williamsburg for $12.54 million.
Located in an industrial area of East Williamsburg, the building has 41,374 s/f and 205 s/f of frontage along Kingsland Avenue. The seller was an electrical plating company called Epner Technology that has contracts with NASA, as is one of the tenants of the building, along with Dixon Art Gallery, M+W, and Mario Metals.
The building’s current set-up is as a single-story office and manufacturing building with a usable, above-grade basement and two vacant free-market residential units on the second and third floors.
But the new owners are looking to draw artists and creative tenants, as well those just visiting New York City.
“We are considering converting the building into small creative offices, artist studios and music spaces,” said Grunfeld.
“We might even use part of the property as an Airbnb type of operation. We want to give the local community and travelers access to a one-of-a-kind facility in the East Williamsburg area. Our vision is for the property to immerse our tenants and visitors in the unique culture of this exciting neighborhood at a bargain price compared to what a traditional hotel or office might cost them.”
Jakub Nowak and Jim McGuckin of Marcus & Millichap represented both the buyer and the seller.