The Real Deal New York

Brooklyn Bowl, Brooklyn Brewery warehouse hits the market

35,000-square-foot building expected to retrieve at least $50 million

April 16, 2015 05:15PM

61-71 Wythe Ave

David Schechtman and 61-71 Wythe Avenue

The Williamsburg building that houses Brooklyn Bowl and Brooklyn Brewery is up for sale. An Eastern Consolidated team led by David Schechtman and Chad Sinsheimer is handling the sale of the 35,000-square-foot warehouse at 61-71 Wythe Avenue, which sources told Crain’s is expected to go for at least $50 million.

Owner Yoel Goldman guaranteed Brooklyn Bowl and Brooklyn Brewery that the sale would not affect their leases, which expire in 2021 and 2025, respectively, according to Crain’s. The new owner may look to buy the tenants out of their leases, however, in order to pave the way for new development.

Future developers could construct 70,000 square feet of hotel, office or retail space at 61-71 Wythe Avenue, as well as an additional 100,000 square feet in the form of a community space zoning allowance, Crain’s reports.

Wythe Avenue has experienced dramatic transformation though a development boom sparked by the area’s sweeping 2005 rezoning. [Crain’s] – Rey Mashayekhi

  • Mike

    Yoel Goldman is the owner since when???

  • Crian Bashman

    I guess after 2025 I’ll have no reason to go to Williamsburg. I imagine itll be a great place for a hotel when there is no reason to visit the area.

  • Ripwilliamsburg

    Its amazing how everything that made this area fun and unique is being bought out and destroyed. Brooklyn bowl is the epicenter of Williamsburg which will soon be nothing but lame national tenants and apartment complexes. I work in real estate as well but this is really sad to see this one go

    • Crian Bashman

      I am in RE too and short shortsightedness always wins out unfortunately. Most of the decision makers are so out of touch with the things that make certain places popular that they ruin them. Likely new “unexplored” places of the City will replace these neighborhoods as the next cool place and then this will happen to them too. The rest of the city will look like downtown Dallas.

    • Off Market Deals Only

      Blame the brokers. They are the ones selling this vision to buyers with their “potential use”. They thin up insane projects to justify the high prices. Not for the sake of improving the neighborhood but to line their pockets

      • Taggert

        “Blame the brokers”? So. Much. Stupid.

    • Taggert

      People felt the same way about Luchow’s. Move on. NYC does.

  • REMaven

    How is this worth $1,400/SF??? Whats the cap rate at this price?