Segall and Martinecz of Newmark sell 10,000 s/f industrial bldg. – $5.3 million

 

 

Brooklyn, NY Newmark handled the purchase of 7 Knickerbocker Ave. in Bushwick, by Worthless Bricks, LLC. The 10,000 s/f industrial space with dual frontage on both Johnson and Knickerbocker Aves. sold for $5.3 million. Newmark’s senior managing director Brian Segall and associate George Martinecz represented the buyer while Larry Roberts was the in-house representative of the seller, Washington Square Partners.

The new owners will repurpose the property as a studio and event space for emerging artists across a variety of mediums, promoting creativity in the heart of the East Williamsburg/Bushwick neighborhood.

“We anticipate more owner-users acquiring real estate for near-term occupancy and long-term land banking in an appreciating market such as this,” said Segall. “Our deep connections to the Brooklyn industrial market allowed us to leverage our relationships in the area and helped to quickly identify the right space for the buyer to plant their flag within the heart of this creative landscape.”

7 Knickerbocker Ave. is in an Opportunity Zone along the southern block of Johnson Ave. in Bushwick. The property offers new owners frontage along Morgan and Knickerbocker Aves. and features 15 ft. ceiling heights. Future renovations and development are possible due to the 10,000 s/f of buildable air rights.

The neighborhood features a strong co-tenancy of existing galleries and creative spaces that include C L E A R I N G Gallery, Luhring Augustine Gallery, and a new Netflix production hub. 7 Knickerbocker Ave. is accessible to the Morgan Ave. L stop.