McKibbin Street Lofts building hits market for $65M

Building at 255 McKibbin Street spans 100,000 square feet
October 25, 2017 08:30AM

Credit: Google Maps

UPDATED, 10:11 a.m. Oct. 26: A 100,000-square-foot building at the hipster-famous McKibbin Street Lofts in Bushwick has hit the market for $65 million.

The buyer would receive the former industrial property at 255 McKibbin Street as a vacant building, and it would include a 2,500-square-foot lot at the back of the building on Boerum Street that the owner could sell, according to Real Estate Alert. The city has approved a plan for the site that consists of a five-story building with 49 small commercial units at the street level and 62 apartments above, but marketing materials for the site indicate that the buyer could choose to do something else with the site.

Marcus & Millichap team led by Peter Von Der Ahe, Joe Koicim, Shaun Riney and Tom Shihadeh is representing the current owner. The space has been used as residential and commercial loft space over the years, but its current tenant is unclear. The site is at the neighborhood’s Famed Mckibbin Street Lofts, a pair of former textile factories-turned rentals known for raucous parties, bed bugs, impromptu music concerts and Airbnb rentals. Loft spaces there rent for upwards of $4,400.

Bushwick has recently become a more popular neighborhood for investors, and in September, Wildenstein & Co purchased a recently converted residential site in the neighborhood at 618 Bushwick Avenue for $51 million. [REA] – Eddie Small

A previous version of this story misidentified the property address. It Is 255 Mckibbin Street.