Big dev site along Williamsburg waterfront hitting the market

Ko-Rec-Type is looking to sell properties spanning 436K buildable sf

New York /
Mar.March 08, 2018 03:35 PM

The Williamsburg development site (Credit: Google Images)

A large development site along the North Williamsburg waterfront could soon sprout Brooklyn’s latest megaproject.

The family behind an office-equipment empire is looking to sell a site spanning nearly one full city block and a parcel just across the street.

Ko-Rec-Type, which manufactures carbon paper and typewriter ribbons, owns six parcels bordered by North 9th and 10th streets and Kent and Wythe avenues, as well as a nearby site at 96 North 10th Street. For more than five decades, the Barouh family has owned and occupied the low-rise industrial buildings as its plant.

The primary site offers 350,000 buildable square feet, and the sister site offers 86,000 buildable square feet. The six parcels on the primary site have the combined addresses of 6781 Kent Avenue106126 Wythe Avenue, 4557 and 6781 North 9th Street, and 4484 North 10th Street, records show.

The one parcel on the city block not belonging to Ko-Rect-Type is a one-story plumbing-supply building at 61-65 North 9th Street, which Yoel Goldman’s All Year Management acquired in 2012 for $4.5 million. That property comes with 36,000 buildable square feet.

An Eastern Consolidated team led by Peter Hauspurg, Andrew Sasson and Chad Sinsheimer is marketing the Ko-Rec-Type sites for sale as one big potential development.

In the vein of Rubenstein Partners and Toby Moskovits’ nearby 25 Kent Avenue project, the site is being marketed as another rare ground-up office-centric project on the Williamsburg waterfront, sources said. The potential buyer could too benefit from a special permit within North Williamsburg’s manufacturing zone, which 25 Kent received in 2016.

Sources said the brokers are the pitching the primary site as an office-and-retail complex and the sister site as an office-and-residential property – two structures that could be affiliated.

The sites do not have a formal asking price, though recent sales in the area have fallen between $200 and $300 per buildable square foot. Simon Dushinsky’s Rabsky Group paid $217 per buildable foot for the site at 500 Kent and Isaac Hager’s Cornell Realty Management paid $300 per buildable foot for the site at 200 Kent. At those prices, the Ko-Rec-Type sites could sell for between $90 million and $130 million if they go to the same buyer.

Vic Barouh, a sixth-grade dropout, founded Ko-Rec-Type in 1955 and died in 2008. Robert Barouh now runs the company, long headquartered in Williamsburg. If the properties sell, the fate of the company is not immediately clear.

A Ko-Rec-Type representative could not be reached, and Eastern Consolidated declined to comment.


Related Articles

arrow_forward_ios
Proptech revolution grows as landlords turn to big data to manage properties
Proptech revolution grows as landlords turn to big data to manage properties
Proptech revolution grows as landlords turn to big data to manage properties
Lightstone Group CEO David Lichtenstein and 145 Bowery (Lightstone, Google Maps, Moxy Hotels)
Lightstone receives $130M construction loan for new Moxy hotel on LES
Lightstone receives $130M construction loan for new Moxy hotel on LES
34-20 Junction Blvd in Jackson Heights and Shorewood CEO S. Lawrence Davis (Google Maps, Shorewood)
Shorewood plans 227K-sq ft mixed-use project in Jackson Heights
Shorewood plans 227K-sq ft mixed-use project in Jackson Heights
Soho’s zoning madness, such as artists-only lofts and a ban on ground-floor retail, may finally change with a proposed rezoning.
The shopping district that banned retail: Soho’s incoherent zoning
The shopping district that banned retail: Soho’s incoherent zoning
Slate founding partners Blair Welch and Brady Welch (Slate, iStock)
RE-focused investment firm Slate raises $600M for private-credit fund
RE-focused investment firm Slate raises $600M for private-credit fund
Scott Rechler, CEO of RXR Realty and The Real Deal's Amir Korangy
Coffee Talk: Scott Rechler on beating the pandemic
Coffee Talk: Scott Rechler on beating the pandemic
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
Pandemic lockdowns for all three cities started in the last full week of March 2020, but office use had already plunged the week before as companies proactively sent workers home (iStock)
Manhattan lags Chicago, LA in returning to the office
Manhattan lags Chicago, LA in returning to the office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...