The Real Deal New York

Brooklyn investor leasing 75K sf Vinegar Hill warehouse

David Brecher signed a 20-year lease for the seven-story building

July 23, 2015 09:01AM
By Claire Moses

78-84 Hudson Avenue in Vinegar Hill

78-84 Hudson Avenue in Vinegar Hill

First Meridian Mortgage’s David Brecher is looking for a “high-end” sub-tenant for an entire warehouse at 78-84 Hudson Avenue in the Vinegar Hill section of Brooklyn.

Brecher signed a 20-year lease on July 8, according to city records.

The property — located between Water and Front streets — spans a total of 75,500 square feet across seven stories.

Office rents in the area average about $50 per square foot — comparable to nearby Williamsburg and Dumbo — according to Dan Marks, vice president at commercial brokerage TerraCRG. It’s unclear what Brecher is paying, or what he will be charging, for the space.

The Cibrano family is the long-term owner of the building. Brecher has first dibs on the property if and when it hits the market.

Brecher is looking for a high-end tenant, he said, and will be making multiple upgrades to the building.

While the location lends itself for a technology tenant, Brecher said he doesn’t have any specific companies in mind.

“There’s definite tech-play here,” Brecher said. “The location lends itself perfectly.”

Brooklyn is slowly becoming a hotbed for tech firms, with multiple new retail and office complexes opening up, such as Empire Stores in Dumbo, the Brooklyn Navy Yard and Jared Kushner’s Dumbo Heights.