166 Berry Street.
NEW YORK CITY – Wharton Properties has acquired 166 Berry St. in the Williamsburg submarket of Brooklyn for $20 million, or $3,226 per-square-foot, in what is a record-setting transaction for the neighborhood. "The sale reinforces Williamsburg as a strong submarket that local and national retailers want to be," Thomas Donovan, a partner at B6 Real Estate Advisors who arranged the transaction, tells GlobeSt.com.
Wharton, a real estate-focused developer, brought the 6,200-square-foot property from Avi Kendi, owner of the metal fabricator shop Metal Dimensions that currently occupies the building in what is a busy retail corridor in the submarket.
The building is classified for factory use, including light manufacturing. However, the zoning allows for a mixed-use development with a total of 16,740 buildable square feet. The property's location, coupled with the ability to add residential apartments in the heart of Williamsburg, adds to its appeal in the market, according to Donovan. "It was one of the few undeveloped properties in the area paving the way for someone to come in and convert the property to a more modern-day use," he said.
Williamsburg continues to experience fierce competition from retailers looking to lock down their spot in the heavy foot-traffic submarket, according to a recent GlobeSt.com article.
With all eyes still on Williamsburg and prominent online retailers like eyewear designer Warby Parker and luggage manufacturer Away who have opened flagship stores on the Northside of the neighborhood – near big-name tenants like Apple, Sephora and Algo Yoga – it's led to a ripple of effect of retailers that want space adjacent to them, according to Garry Steinberg, executive managing director and principal at commercial brokerage firm Lee & Associates.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
