A Deal Brewing in Williamsburg

The building at 61-71 Wythe Ave. is being sold by Atlas Capital Group. Wikipedia

NEW YORK CITY—The home of the popular Brooklyn Brewery and the Brooklyn Bowl in Williamsburg, Brooklyn is reportedly under contract to be sold for a little more than $37 million. The building at 61-71 Wythe Ave. is being sold by Atlas Capital Group, according to multiple press reports. Both the Brooklyn Brewery and the Brooklyn Bowl pay rents of approximately $30-per-square-foot, according to the Real Deal, which states the contracted sale price for the building is $37.4 million. The 35,000-square-foot retail and industrial warehouse building is zoned for 70,000 square feet of hotel, office, or retail development. An additional 100,000 square feet can be constructed atop the existing one-story structure in the form of community space, with zoning allowance permitting the development of doctors’ offices, education facilities, or social-services facilities at the site. Eastern Consolidated, the exclusive agent for the property, had no comment on the potential sale of the property that also goes by the following addresses: 97 North 11th St. and 104-122 North 12th St. The brokerage firm was hired in April 2015 to market the property for sale. When Eastern Consolidated took the assignment, principal and executive managing director David Schechtman said, “Ownership has guaranteed the tenants that the sale will not affect their leases, which expire in 2021 and 2025. These two businesses have become icons in Brooklyn, and buying and holding the property as-is could yield bigger returns in the future as the neighborhood is still changing.” The Brooklyn Brewery hopes to remain at the Williamsburg site at least until its lease expiration in 2025. Earlier this year, city officials announced that the brewery will locate its headquarters in 75,000 square feet of space at the Brooklyn Navy Yard. Brooklyn Brewery CEO Eric Ottaway said back in May of this year that his firm was hoping to extend its lease in Williamsburg beyond 2025 and maintain a presence there.