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Normandy Real Estate Partners, Royalton Capital, Princeton Holdings and Sciame Development have put a Bushwick warehouse up for sale.
The 130k SF property at 333 Johnson Ave was slated to be converted into creative office and retail space, possibly featuring event spaces, art galleries and film and photography studios, Crain’s reports. Normandy principal Paul Teti said after the existing spaces were filled, the owners would use the site’s untapped development rights to add another 130k SF of commercial space.
Many warehouses have been tailored to Brooklyn’s creative workforce, which may be threatened by the L train’s closing in 2019. Some, however, have argued the Bushwick office market might receive a boost as companies look for offices closer to their employees.
The owner group has hired a Bob Knakal-led Cushman & Wakefield team to market the property with a $60M price tag, more than double the amount the group paid for the property in 2015. This year has been slower for sales than 2015 and 2014 so far, but chances are this won't stay on the market for long. [Crain's]
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