This is one deal that’s right up their alley.
Atlas Capital Group is in contract to acquire the North Williamsburg building that is home to Brooklyn Bowl and the Brooklyn Brewery for $37.4 million, sources told The Real Deal.
The popular bowling alley and brewery are the sole tenants of the two-story, 29,000-square-foot warehouse. They are each paying about $30 per square foot in rent, sources told TRD.
Atlas’ plans were not immediately clear, but sources said the Midtown East-based real estate investment firm is likely to eventually reposition it. Brooklyn Bowl’s lease expires in 2021, while Brooklyn Brewery’s taps run till 2025.
The site offers significant development potential, with 68,900 buildable square feet. If the developer were to include a community facility component, the structure could be as big as 170,000 square feet, sources said.
The Nastro family has owned the building for more than 15 years, property records show. The building’s addresses are 61-71 Wythe Avenue, 97 North 11th Street and 104-122 North 12th Street.
Brooklyn Bowl, which is also a music venue and restaurant, opened in 2009. Brooklyn Brewery expanded its brewing operation in 2010.
The brewery, continuing to grow, is close to signing a lease for 75,000 square feet at the Brooklyn Navy Yard’s Building 77, where it will open a brewery and a restaurant.
A representative for Atlas could not be reached for comment.
Eastern Consolidated’s Brian Ezratty is representing the buyer, while his colleague Chad Sinsheimer is representing the seller. Sinsheimer confirmed the pending deal, but declined to comment on the seller.
Atlas is developing the five-building, 1.7 million-square-foot St. John’s Center across from Pier 40 at Hudson River Park with Westbrook Partners and recently received a $160 million loan from Blackstone Group to refinance the Factory Building in Long Island City.