The Real Deal New York

Midwood Investment pays $42M for Williamsburg retail condo

Price is triple what the 20K sf space last sold for in 2014
By Rich Bockmann | August 31, 2016 05:03PM

Midwood's John Usdan and the Mill Building at 85 North 3rd Street in Williamsburg

Midwood’s John Usdan and the Mill Building at 85 North 3rd Street in Williamsburg

Midwood Investment and Development picked up the 20,000-square-foot retail portion of Williamsburg’s Mill Building for nearly $42 million in an off-market deal — triple what it last sold for in 2014.

The Midtown East-based firm paid $41.8 million to buy the retail condominium unit at the six-story, 164,000-square-foot property at 85 North 3rd Street, according to property records filed with the city Wednesday. The space covers 20,000 square feet on the ground floor and another 8,000 square feet on the lower level.

“It was a value-add deal,” said Midwood director of acquisitions Teodora Zobel, who added there’s a vacancy coming up on Wythe Avenue next year the company will look to fill.

Retail tenants include the apparel store Brooklyn Denim Co. and the salon Ludlow Blunt.

The sellers, Howard Hershkovich and Jordan Wexler, originally bought the retail condo in 2014 for $14.2 million.

The Mill Building, an early-1900s factory, was converted into a condo building with 62 loft apartments in 2009. Model Agyness Deyn sold her 2,911-square-foot condo there in 2012 for $2.2 million.