An Italian bakery owned by Starbucks just signed an 18K sf lease in Red Hook

Princi joins Tesla at LIVWRK's 160 Van Brunt

TRD New York /
Jul.July 05, 2017 09:45 AM

Rocco Princi and rendering of 160 Van Brunt (Credit: Getty Images and LIVWRK)

An Italian bakery owned by Starbucks signed an 18,000-square-foot lease at LIVWRK and FirstMarket Capital’s 160 Van Brunt Street in Red Hook.

Princi, which was purchased by Starbucks last year, is joining Tesla at the office conversion. The electric car manufacturer signed a 40,000-square-foot lease for a showroom and earlier this year and later added another 6,500 square feet.

Asking rents at the building check in at $44 per square foot, the New York Post reported.

The Italian bakery’s products will feature in some of Starbucks’ locations. SCG Retail represented the tenant in the lease deal.

Red Hook has seen a surge in new development recently. Joe Sitt’s Thor Equities is planning a 623,000-square-foot office and retail complex in the neighborhood.

Last month, Sitex Group paid Italian developer Est4e Four $110 million for a five-property site on the Red Hook waterfront. Est4e had planned a $400 million megacomplex on the site but was unable to lock down financing. Sitex is planning a “last mile” distribution center at the site.

LIVWRK, run by Asher Abehsera, is one of three firms redeveloping the former Jehovah’s Witnesses Watchtower complex at 25-30 Columbia Heights. The partnership, which includes Kushner Companies and CIM Group, released renderings of the 670,000-square-foot mixed-use complex last month. [NYP] Konrad Putzier

(To view more of LIVWRK’s retail leasing transactions, click here)

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