The Real Deal New York

Normandy, partners look to flip Bushwick warehouse for $60M

Developers had planned to turn 333 Johnson Ave into office complex
August 22, 2016 03:55PM

33 Johnson Avenue and the renderings of 333 Johnson Avenue (credit: HTZ) (inset: Paul Teti)

Normandy Real Estate Partners, Royalton Capital, Princeton Holdings and Sciame Development are backing off plans to develop a tech-friendly office complex in Bushwick as the L train shutdown looms.

The partners listed the 130,000-square-foot industrial property at 333 Johnson Avenue for sale with a price tag of $60 million, according to Crain’s, little more than a year after buying it for $27 million. Cushman & Wakefield’s TRData LogoTINY Bob Knakal has the listing.

When the partners bought the complex last May, they announced plans to renovate it and turn it into Bushwick’s first office, restaurant and retail complex. The firms also toyed with the idea of building an additional 130,000 square feet on the site by taking advantage of unused air rights.

The about-face comes as real estate players voice concern over the impact of the MTA’s recent decision to shut down L train service between Williamsburg and Manhattan in 2019.

In July, Normandy closed on the purchase of a Greenwich Village office building at 797-799 Broadway for $101 million.  [Crain’s]Konrad Putzier