The Real Deal New York

East Williamsburg music mecca sells for $26M

Tenants at 260-272 Meserole include the Well, the Wick and the Sweatshop
By Mark Maurer | Twitter_logo_blue copy March 25, 2015 12:20PM

A 19th-century East Williamsburg warehouse with tenants such as concert venue the Wick, beer garden the Well and multiple music rehearsal spaces sold Wednesday for $26 million, The Real Deal has learned.

A partnership between Brooklyn investor Joseph Gold and — in a minority role — veteran developer Abraham Leser, acquired the 75,000-square-foot property at 260-272 Meserole Street, near Bushwick Place, according to sources familiar with the deal.

Kerry Danenberg, who runs the brokerage Select Real Estate, and his brother Ron owned the five-story property since 2007, when they paid a mere $2.7 million, property records show. The red-brick warehouse, constructed in 1858, was later converted into an entertainment venue, beer garden and brewery. The Wick and the Well both opened there last year.

Other tenants include the music rehearsal and recording spaces Danbro Studios and the Sweatshop. The building is 90 percent leased, according to the listing.

The Danenbergs listed the building with Halstead Property in 2012 for $20 million. Then, after the arrival of new tenants, they re-listed it in June for $29 million.

“The buyers are purchasing this property for the income stream it provides,” said Select Real Estate’s Holly White, who represented the buyers and the seller in the deal. She declined to comment further.

The buyers and sellers could not be reached for comment. The buyers received a $19.5 million loan, as arranged by Jeff Seidenfeld of Eastern Union.

Leser, who is taking a very small stake in the building, is at work on a 230,000-square-foot, 128-unit residential project in Borough Park, as previously reported.

Correction: A previous version of this article incorrectly named one of the buyers.