The Real Deal New York

Wburg’s Wythe Confectionary rents out in four months

August 17, 2011 01:39PM

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All 69 units at Williamsburg’s Wythe Confectionary at 390 Wythe Avenue have been rented after just four months on the market and tenants have moved in, the Corcoran Group, which marketed the property, announced today. The loft-style units rented for an average of $48 per square foot.

According to data from Streeteasy.com, a 451-square-foot studio unit in the former candy factory rented for $1,850 per month while a 923-square-foot, two-bedroom penthouse was rented for $4,700 a month.

It was the quality of the restoration by developer Caro Enterprises that sealed the deal for many prospective renters, said Christine Blackburn, a senior vice president at Corcoran who marketed the property with fellow agent Lior Barak.

“The developer took care to preserve the features that gave this building its character, from the lofty wooden ceilings and exposed beams to the walls of original brick,” she said. “It’s that character that really drew in renters.”

Frank Percesepe, senior vice president of Corcoran’s Brooklyn office, said rental inventory is moving quickly in the borough.

“New development in Brooklyn is moving fast, and inventory for both sales and rentals is getting absorbed. People searching for homes in our market have recognized that now is the time to act,” he said.

The Wythe Confectionery was originally constructed as the Matchett Candy factory at the turn of the 19th century, around the same time as the neighboring Williamsburg Bridge, according to the building’s website.
– Katherine Clarke

One Response to “Wburg’s Wythe Confectionary rents out in four months”

  1. April 19, 2012 at 7:19 am, Brooklyn new development sales slide in Q1, but overall market less “fragile” said:

    [...] of sales, its lowest level in three years. “While demand for new housing remains strong,” Frank Percesepe, Corcoran’s Brooklyn senior regional vice president, wrote in the firm’s report, “sales [...]

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