(To read more on the industrial market, click here.)
BROOKLYN, NY-Varet & Bogart LLC has acquired a former artist loft here. For $2.45 million, the investors picked up a four-story, 21,000-sf industrial site with 3,000 sf of adjacent land located at 249 Varet St. in the East Williamsburg section.
The new owners are exploring a variety of options, including commercial condos, which would be fairly new to the Brooklyn market, or work lofts. A neighboring property has also applied for a zoning variance for residential use, which is also a possibility. In the interim, the new owners are undertaking a renovation to reconfigure the building's interior space.
Howard Darsi of Kalmon Dolgin Affiliates represented the seller, Wolverine Management, a Long Island-based construction and management firm, while Allison Chambers of KDA repped the buyer. "When one door closes, another one opens," says Darsi. The deal was born out of a lost deal on a neighboring property. The broker had a deal for 257 Varet fall through because of a previously accepted down payment by the owner. He then landed the listing for the larger property at 249 Varet St.
"When we originally got the listing in December 2004, there were about 20 artists in the building paying below market rents who had to be relocated in order deliver the property vacant and secure the owner the price he wanted," says Darsi. KDA was able to structure deals with all the tenants on behalf of the owner and deliver the property vacant.
Kalmon Dolgin execs say the East Williamsburg industrial market is one of the last remaining major industrial areas in the northern part of the borough. The locally based real estate firm manages more than six million sf and has acquired $250 million of its own real estate assets within the last year alone, primarily industrial and medical/office properties.
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