The Real Deal New York

Jacob Toll’s Lebowski leasing ground-floor retail space

Dividable Williamsburg spread asking between $125 and $150 per square foot

May 08, 2014 08:00AM
By Julie Strickland

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Rendering of 76 North 4th Street

Rendering of 76 North 4th Street

A divisible 18,000-square-foot retail spread at the base of the under-construction Lebowski, an 83-unit luxury rental on North 4th Street in Williamsburg, is now up for grabs.

The new construction has approximately 3,200 square feet on the corner of Berry Street, 2,800 square feet on the corner of Wythe Avenue and 12,000 square feet in the middle, Garry Steinberg and Jaime Schultz of Lee & Associates, who is exclusively marketing the spread, told The Real Deal. Asking rents range between $125 and $150 per square foot, and tenants can expect to start moving in by late fall.

“We’re open-minded about the breakdown,” Steinberg said of how the parcels will ultimately be divvied up. “We actually have offers on the division of the space on Wythe, and we’re working on getting offers for the whole space. It depends on the tenant and how much space they want, and we care about who they are because we want to create a great block.”

McNally Jackson Books is the first tenant to ink a lease there, signing on for a 3,600-square-foot store earlier this year. Several restaurants have also reportedly expressed interest, though Steinberg declined to disclose names until negotiations are finalized.

The spread is located across the street from the planned Williamsburg Whole Foods, and is also near the future site of WeWork and a New York Sports Club. Space is also leased to Umami Burger and Sweetgreen, and JCrew just took 6,000 square feet at 234-235 Wythe Avenue.

Jacob Toll, son of real estate mogul Robert Toll, picked up the 76 North 4th Street site in 2010 in conjunction with Cayuga Capital Management. The partnership paid about $17 million for it, previously owned by developer Fifth Square partners, who paid $27 million in 2007 and planned to build 83 condominium units. The project stalled in pre-sell during the downturn, and Toll switched gears and turned the development into a rental. The apartments are to hit the market by June, as The Real Deal previously reported.

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