East Williamsburg music mecca sells for $26M

Tenants at 260-272 Meserole include the Well, the Wick and the Sweatshop

TRD New York /
Mar.March 25, 2015 12:20 PM

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. 


Related Articles

arrow_forward_ios
2018 Avenue U and 252 Newport Street in Brooklyn (Credit: Google Maps)

Here’s what the week’s $10M-$30M investment sales market looked like

850 Metropolitan Avenue and Brookland CEO Boaz Gilad (Credit: Google Maps)

Brookland Capital loses control of another Brooklyn development

NYC transport agency to sign big lease deal with Rabsky in East Williamsburg

NYC transport agency to sign big lease deal with Rabsky in East Williamsburg

Abraham Leser lands $71M loan for SUNY hospital site in Brooklyn

Abraham Leser lands $71M loan for SUNY hospital site in Brooklyn

Adam America, Slate land $71M refi for East Williamsburg rentals

Adam America, Slate land $71M refi for East Williamsburg rentals

Studio company lands 18K sf lease in former Brooklyn fur factory

Studio company lands 18K sf lease in former Brooklyn fur factory

Blue Zees targets $59M condo sellout in East Williamsburg

Blue Zees targets $59M condo sellout in
East Williamsburg

Abraham Leser to buy 179-unit Bronx building for $34M

Abraham Leser to buy 179-unit Bronx building for $34M

arrow_forward_ios