Royalton Capital acquires 250 Varet Street for $700,000; DTZ to market the property

Royalton Capital LLC, an investment group led by partners Jin Lee and Joshua John, has acquired 250 Varet St. for $700,000. The 2,500 s/f, single-story, industrial property is near Bogart St. and two blocks from the Morgan Ave. L stop, in the center of Bushwick's thriving and creative community. The developers have enlisted Robair Reichenstein, managing director and principal of DTZ to market and net lease the building. 250 Varet St. has an open layout by 14' ceilings, exposed bricks and beams that give it a classic bright industrial aesthetic. The property also features a roll-up aluminum garage door, and three skylights and a large glass façade that allows for an abundance of natural light to flow through the space. Royalton is repositioning the property for retail or creative office use, with a new HVAC system, lighting, finishes and three 6' X 10' skylights. "This property presents Royalton with the blank canvas to create something special that people living in Bushwick will appreciate and see as authentic to the neighborhood. We are working closely with DTZ to secure a tenant whose brand will be heavily influenced by what is taking place in the community," said Jin Lee, principal of Royalton Capital. "In the meantime, we are in contact with community stakeholders and are exploring a number of temporary options that include pop-up shops and art galleries. This area is teeming with creative people and we want 250 Varet to reflect that." In recent years, 250 Varet doubled as the Morgan nightclub, the popular entertainment venue. The property is located adjacent to Beacon's Closet, world-famous Roberta's Pizzeria and next door to Tutu's, a highly rated American dining destination.