Red Hook home of Tesla showroom up for sale

LIVWRK, FM Capital eyeing $60M sales tag

Feb.February 19, 2020 09:45 AM
FM Capital's David Brecher and LIVWRK's Asher Abehsera with 160 Van Brunt (Credit: Google Maps)

FM Capital’s David Brecher and LIVWRK’s Asher Abehsera with 160 Van Brunt (Credit: Google Maps)

While Tesla’s hotly anticipated new cybertruck probably won’t be ready for purchase until next year, the Red Hook building that’s home to the car maker’s Brooklyn showroom is fresh on the sales floor for 2020.

Investors LIVWRK and FM Capital are looking to sell the former marine repair shop at 160 Van Brunt Street they converted into space for tenants like Elon Musk’s car company and others, brokers told The Real Deal.

The sellers are expecting to get offers north of $60 million for the roughly 119,000-square-foot building, according to JLL.

Broker Ethan Stanton, who’s part of the JLL team marketing the property, said the three-story building’s location near hot development neighborhoods like Sunset Park and Gowanus make it prime for “strong appreciation.”

In addition to Tesla, tenants at the office, retail and maker-space property include Starbucks’ Princi Italian bakery and New York University. The building has about 25,000 square feet of available space left.

FM Capital, the real estate investment firm run by David Brecher, purchased 160 Van Brunt in 2014 for $21.5 million and teamed up with Asher Abehsera’s LIVWRK on its redevelopment.

Tesla, meanwhile, has another showroom in New York City at 860 Washington Street in the Meatpacking District.

JLL’s Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara, David Giancola, Michael Lipman and Mark Fisher are on the team marketing the property.

Contact Rich Bockmann at [email protected] or 212-673-5081

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