The Real Deal New York

Meadow Partners files plans for Williamsburg office conversion

Investment firm bought 65K sf former factory for $42M in September

February 09, 2016 03:45PM

109-South-5th-Street-1

109 South 5th Street in Williamsburg (inset: Meadow Partners’ Jeffrey Kaplan)

Meadow Partners is moving ahead with plans to convert a former South Williamsburg factory at 109 South 5th Street into a new office building.

Each of the floors – from the cellar to the sixth — will be converted into 60,000 square feet of new office space, according to a permit application filed with the city Department of Buildings Tuesday.

Meadow, a Midtown East-based investment firm, bought the 65,000-square-foot property from investors Kenneth and Annette Stier in September for $42 million, as The Real Deal reported. The Stiers had owned it for about 30 years.

At the time of closing, Meadow’s Gregory Blake said the firm wanted to convert the second to sixth floors as open-floor loft space and to attract TAMI tenants. The owner’s plans for interior demolition of the building were approved in January, according to Department of Buildings documents.

The building, which is called the Artisan, used to house Stier’s garment manufacturing business, Stylist Pleating Corp for years. It was then converted into space for flex office tenants in the early 2000s.

Meadow was recently part of the priciest sale of a residential building in the history of Greenpoint. World Wide Group paid Meadow $103 million for a 130-unit, six-story, 185,000-square-foot rental property at 110 Green Street, known as the Viridian. 

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