NEW YORK CITY—TerraCRG has leased the free-standing loft building at 80 Hudson Ave. in the Vinegar Hill section of Brooklyn. Ofer Cohen, Dan Marks, Peter Schubert and Joey Terzi—of the Brooklyn-focused real estate brokerage firm represented both the owner and tenant in the transaction for one of the only free-standing, commercially-zoned buildings of its size in the third largest business district in New York City, the Brooklyn Tech Triangle.
The former Globe Storage building, comprised of 76,000 square feet, was leased long-term to a prominent local developer with undisclosed plans for the property at press time. With ceiling heights ranging from 11 to 13 feet throughout the building, the property has a variety of potential uses, including hotel, medical, studios or light manufacturing. The building has two interior loading docks, two exterior loading docks and eight parking spaces.
“We are very happy to have created great tax-efficient and long-term value for the client while preserving the asset in the family,” says Schubert, partner at TerraCRG. “The tenant is a very experienced operator and was able to prove itself as an ideal tenant for the property.”
The property is located in the Vinegar Hill neighborhood on the waterfront between Dumbo and the Brooklyn Navy Yard. The building is accessible by the York Street F train and the High Street A and C trains, making the commute to Manhattan under ten minutes.
Vinegar Hill and the surrounding areas are among the New York City area's most popular neighborhoods to live, work and play, according to TerraCRG, and they reportedly are a center of innovation for tech companies, creative agencies and boutique finance firms.
Brooklyn is now home to large tech and office users such as Etsy, Makerbot, Kickstarter, Huge, Tough Mudder, Green Desk, WeWork, and Aplify.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
