The Real Deal New York

Westbeth space up for lease following post-Sandy overhaul

Nearly full-block space to rent below market rates, brokers say
March 05, 2014 02:35PM

Artist residence and nonprofit hub Westbeth, whose lower floors were damaged by Superstorm Sandy, is reemerging with nearly 70,000 available square feet following extensive renovations.

A total of $5 million in repairs, $3.5 million in HVAC upgrades and planned $6 million mechanical overhaul opened up 60,000 square feet of former studios, storage and archival space at 55 Bethune Street. The space can also be linked with another 10,000-square-foot spread on the building’s first and second floors, the New York Post reported.

Denham Wolf’s Stephen Power and Paul Denham were tapped to explore possible uses and tenants, along with real estate consultancy U3 Advisors, according to the Post

“We could provide someone with a 49-year lease, and they could almost have ownership of a large block of space, with a dedicated entrance,” Power told the Post, adding that the rental rates on the space will be below-market.

Current tenants include the New School for Drama, the Martha Graham Center for Contemporary Dance and the Labyrinth Theater, among others. [NYP, 3rd item]Julie Strickland