The Real Deal New York

Normandy, partners plan 3-acre Bushwick development

Firms teamed up to acquire 160,000 sf property for nearly $27M

May 11, 2015 02:20PM

333 Johnson Avenue

333 Johnson Avenue in Bushwick

UPDATED, 4:25 p.m., May 11: Normandy Real Estate Partners, Royalton Capital and Sciame Development have teamed up to purchase a 160,000-square-foot industrial property in Bushwick with plans for a mixed-use development.

The three-acre site at 333 Johnson Avenue, previously the site of a slaughterhouse and later a printing press, will be Bushwick’s first mixed-use office, retail and restaurant complex, according to Normandy principal Paul Teti.

The joint venture purchased the site, which features eight interconnected buildings, for $26.75 million, according to the Wall Street Journal. Brooklyn brokerage TerraCRG represented the buyers. Sydney Blumstein, Justine Lee Mills and the Blumstein Team of Corcoran Group represented the seller, Richard Bart Realty.

Normandy and Westbrook Partners have worked to shed a total of 1,700 apartments as part of a plan to focus on office property deals. [WSJ]Rey Mashayekhi