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Atlas Capital Group is under contract to pay $37M for a property that’s become hallowed ground for music fans and beer lovers alike.
The building, which uses the addresses 61-71 Wythe Ave, 97 North 11th St and 104-122 North 12th St, is home to both Brooklyn Bowl and Brooklyn Brewery, which each pay rents of around $30/SF, according to The Real Deal.
The 29k SF building has no other tenants. Brooklyn Bowl’s lease runs through 2021, and Brooklyn Brewery will have its lease roll at the North Williamsburg building in 2025.
Might the tenants be bought out of their leases? Stranger things have happened—especially when you consider that Brooklyn Brewery is near completion on a 40-year lease for a new 75k SF home at the Brooklyn Navy Yard signed this spring.
TRD reports the site could support 170k SF of new development if what gets built there includes space for community uses. Eastern Consolidated’s Brian Ezratty is repping Atlas on the North Williamsburg deal, while Eastern’s Chad Sinsheimer is repping the seller. [TRD]
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