Meadow Partners paid $42 million for a South Williamsburg office building adjacent to a Menachem Stark-developed rental property the firm bought last year, The Real Deal has learned.
Investors Kenneth and Annette Stier owned the seven-story, 65,000-square-foot property at 109 South 5th Street for 30 years. It housed the Stier’s garment manufacturing business, Stylist Pleating Corp for years. In the early 2000s, they converted into flex office space for tenants such as embroidered homeware designer Coral & Tusk and antique furniture purveyor Gueridon.
Although the building is zoned for residential, Meadow plans to keep it as offices, the firm’s Gregory Blake told TRD. The Midtown East-based investment firm, best known for the office condo conversion at 866 UN Plaza, wants to convert the second to sixth floors as open-floor loft space and seek TAMI tenants for vacant space. The property, which will no longer be called the Artisan, is 95 percent leased.
The property “has played a major role in the cultivation of many neighborhood-based businesses,” Kenneth Steir said.
Pinnacle Realty’s David Junik and Decio Baio were the brokers on the deal.
Meadow has been very active this month, having bought a Downtown Brooklyn building near its One Flatbush rental project and sold the leasehold of a 25-story Midtown office building. Last year, the firm rescued the seven-story rental building owned by slain developer Stark and Israel Perlmutter, taking 100 South 4th Street out of bankruptcy in a $52 million deal. The buildings on 4th and 5th streets sit back to back.