The Real Deal New York

Co-working provider Vault to open first NYC location

Firm took 20K sf in Crown Heights

December 08, 2015 09:34AM

1000 Dean Street Jonathan Butler

From left: 1000 Dean Street in Crown Heights and Jonathan Butler

WeWork has a new enemy.

San Francisco-based co-working landlord Vault signed a 10-year lease for its first New York space, at 1000 Dean Street in Crown Heights.

It will be the building’s largest tenant, joining others such as D’Addario Guitar, Praytell Strategies and the Brooklyn Academy of Music.

The firm, which operates just one space in its hometown, offers smaller spaces than WeWork, and promises to curate its tenants and offer amenities to maximize collaboration among them, its co-founder Kevin Smith told Crain’s.

Citi Habitat’s Christopher Havens brokered the deal on behalf of the landlord, a partnership between Brooklyn Flea and Brownstoner co-founder Jonathan Butler, BFC Partners and Goldman Sachs. They are marketing the 140,000-square-foot former storage facility as an incubator for tech tenants.

The Real Deal dove deeply into WeWork’s strategy and approach in its December issue. [Crain’s]Ariel Stulberg