Brownstoner founder Jonathan Butler and partners selling Crown Heights building that’s home to Berg’n beer hall

Asher Abehsera’s LIVWRK in contract to buy 1000 Dean Street for around $60M

TRD New York /
Mar.March 13, 2019 03:15 PM

Brownstoner founder Jonathan Butler (left), LIVWRK CEO Asher Abehsera, and 1000 Dean Street in Brooklyn (Credit: Princeton and United Fund Advisors)

Brownstoner.com founder Jonathan Butler is cashing out on his first big real estate deal.

Butler and his partners are in contract to sell the Crown Heights building that’s home to the Berg’n beer hall, an open-air Smorgasburg food market and events space to Asher Abehsera’s LIVWRK for around $60 million, sources told The Real Deal.

Butler, who sold Brownstoner in 2015, declined to comment. His partners, BFC Partners and Goldman Sachs Urban Investment Group, could not immediately be reached. Abehsera was not available for comment.

Abehsera, the former manager at Two Trees Management whose LIVWRK is a partner at the Dumbo Heights complex, plans a long-term hold for the building at 1000 Dean Street, which is near fully leased to a bevy of small office tenants, sources familiar with the deal told TRD.

Butler and his partners teamed up in 2012 to buy three adjacent properties on Dean Street between Classon and Franklin avenues formerly known as the Studebaker Service Station for $11 million, and pumped in about $30 million to redevelop them as a center for startups, creative companies and light manufacturers.

The 155,000-square-foot building is about 95 percent occupied. TerraCRG brokered the off-market deal on behalf of the sellers.


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Sam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)

Hotelier Sam Chang’s businesses snagged millions in PPP loans

Hotelier Sam Chang’s businesses snagged millions in PPP loans
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
arrow_forward_ios

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

Loading...