Punch Bowl Social opening first NYC location in Bushwick

Restaurant, entertainment establishment to open at 20K sf warehouse space

TRD New York /
Dec.December 17, 2015 08:30 AM

Bar, restaurant and entertainment establishment Punch Bowl Social is set to open its first New York City location at a 20,000-square-foot warehouse space in Bushwick, The Real Deal has learned.

Punch Bowl Social, owned by Denver-based restaurant operator Seasoned Development, signed a long-term, 15-year lease plus options for two interconnected industrial properties at 199 Starr Street and 350 Troutman Street in the rapidly developing neighborhood.

A spokesperson for Seasoned Development confirmed the deal, with Punch Bowl Social also planning to develop at 10,000-square-foot rooftop deck at the 20,000-square-foot property — taking the establishment’s total footprint to 30,000 square feet. Punch Bowl Social plans to open its Brooklyn location in fall 2017.

The chain — a self-described “dining and entertainment mecca” that blends food and drink with gaming options like bowling and table tennis — currently has six locations across the country. It just opened its most recent operation in the Chicago suburb of Schaumburg last weekend, with plans for further locations in Indianapolis, Sacramento and the Denver neighborhood of Stapleton.

Punch Bowl Social will lease the Bushwick space from Williamsburg-based Cayuga Capital Management, which is currently in contract to acquire the adjacent warehouses, The Real Deal learned.

Bushwick-based M Properties Group brokered the deal on behalf of owner Master Equity, which operates an aluminum window and door manufacturer at the properties, located one block away from the Jefferson Street subway stop served by the L train.

No purchase price on the sale of the properties was disclosed, though sources said the seller’s asking price was $10.5 million. Master Equity acquired the warehouses for just under $1.73 million in 2005, according to city property records.

Both Cayuga Capital and M Properties Group confirmed the sale transaction is in contract, though declined to comment further on the matter.

Jason Greenstone of Cushman & Wakefield and Dan Nesson of Denver-based True North Real Estate, who represented Punch Bowl Social in the lease transaction, declined to comment on the matter.


Related Articles

arrow_forward_ios
Toby Moskovits, Fortress managing director Spencer Garfield and the 215 Moore Street Site (Moskovits by Sasha Maslov)

Toby Moskovits’ Bushwick Generator thrown into receivership

Toby Moskovits’ Bushwick Generator thrown into receivership
1300 Flushing Avenue (Google Maps)

Bushwick office building trades for $44M, sign of life for i-sales market

Bushwick office building trades for $44M, sign of life for i-sales market
From left: 417 Suydam Street and 818 Woodward Avenue (Credit: Google Maps)

Sellers used pandemic, Passover to default buyer: lawsuit

Sellers used pandemic, Passover to default buyer: lawsuit
Taxes would rise for owners of Manhattan mansions and penthouses, but the biggest shock would be on homeowners in Brooklyn neighborhoods (Credit: Pixabay)

City’s property tax overhaul would increase burden for single-family homeowners

City’s property tax overhaul would increase burden for single-family homeowners
Caught up in a dozen recent lawsuits, Brooklyn developer Toby Moskovits blames her firm’s debt troubles on “collusion” and a “personal vendetta” (Illustration by The Real Deal; Moskovits by Sasha Maslov)

Creditors are banging on Toby Moskovits’ door

Creditors are banging on Toby Moskovits’ door
From left:  Council member Rafael Espinal, Mayor Bill de Blasio and Council member Antonio Reynoso (Credit: Getty Images, iStock)

Bushwick rezoning impasse puts de Blasio’s housing plan at risk

Bushwick rezoning impasse puts de Blasio’s housing plan at risk
Council Member Antonio Reynoso and a map of Bushwick Planning Framework (Click for more info)

Bushwick rezoning faces deadlock amid local opposition

Bushwick rezoning faces deadlock amid local opposition
871 Bushwick Avenue in Brooklyn (Credit: Google Maps)

Joseph Brunner lands $130M refi for massive Bushwick rental building

Joseph Brunner lands $130M refi for massive Bushwick rental building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...