75 Metropolitan Ave. in Williamsburg, Brooklyn
NEW YORK CITY— Developer Isaac Hager of Cornell Realty Group is leasing 40,500 rentable square feet and 3,500 square feet of outdoor space at 75 Metropolitan Ave. in Williamsburg, Brooklyn. The tenant signed a long-term lease with the owner, Metropolitan 75 Realty, which has an address of 110 Bridge St. in Brooklyn, and is headed by CEO Frank Eisenberg, according to public records. A Newmark Knight Frank spokesperson tells GlobeSt.com that a private Brooklyn family owns the company and that the price per square foot in the building is in the mid-40s.
NKF's Ryan Gessin represented the tenant, the developer Isaac Hager of Cornell Realty Group, as well as the owner, Metropolitan 75 Realty. An NKF team including Alyssa Zahler, Whitten Morris and Joseph Sipala also represented the owner.
75 Metropolitan Ave. is a five-story industrial building located two blocks from the waterfront in the heart of Williamsburg. Hager plans to renovate the property, adding a new façade, modernizing the lobby and elevators, and upgrading the building mechanicals.
A team led by Gessin and Zahler will sublease the building, targeting Brooklyn's creative office tenants. Already active in Williamsburg, Cornell is also developing a nearby ground-up commercial project at 200 Kent Ave.
“We share Cornell's vision of delivering flexible, built, creative space in a market where product has been hard to come by,” said Zahler. “We are thrilled to bring the building to market by staying true to the building's roots, incorporating design elements from the original structure including a restored vault we salvaged from the second floor.”
In reference to this found item, the building will be named The Vault at 75 Metropolitan.
NKF says renovations will begin next month and are scheduled to be completed by summer 2019.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
