Real Estate Weekly
Image default
Deals & Dealmakers

Theater Row rising in trendy Bushwick?

An award-winning theater company is set to open in Bushwick in one of the first deals of its kind in the neighborhood.

M Properties Group brokered the lease for Third Rail Projects with local property owner, 383 Troutman, LLC, for the 5,000 s/f warehouse space.
The space will be transformed into “an experiential, site-specific, multi-sensory dance theater, with performances beginning as soon as January of 2016,ˮ according to brokers Lane Sanders and Max Lu of M Properties Group, who represented both the tenant and the landlord.

Restrictive zoning and rising rents has led to a proliferation of alternative property uses in the neighborhood, ranging from artist studios to dance clubs.

Last year, the alternative dance, circus and theater venue, House of Yes, opened at 2 Wyckoff Avenue.“With the impending openings of both House of Yes and Third Rail Projects — just steps off the Jefferson L — Bushwick may soon be recognized as a place where not only where artists launch their careers, but a neighborhood where artists from all over the world aspire to perform,ˮ said M Properties in a press release.

“This latest transaction represents one of the first established, full-time theaters to call Bushwick home – hopefully the first of many to do so.ˮ

According to YIMBY, Eric Mann of the Mann Group, purchased 383 Troutman Street for $1.09 million in 2012. The website reports that Mann has hired Dumbo-based Mesh Architecture to design the new theater.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million

REW

Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building

REW

Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando

REW