Brooklyn Brewery building sells for $16M

A five-building Williamsburg complex, which is currently home to the Brooklyn Brewery and two other companies, was recently sold for $16.4 million, Crain’s reported, and may be converted for residential use.

The 135,000-square-foot, mixed-use property at 118 North 11th Street is already zoned for residential use, but is not currently vacant. The majority of the building is occupied by the Brooklyn Brewery and two other major tenants, Inner Gaze Furniture Design and Mary Kuzma Design. The brewery’s lease runs through 2025, Crain’s said.

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Kalmon Dolgin Affiliates represented the seller in the deal. Neil Dolgin, co-president of Kalmon Dolgin Affiliates, said there were at one time five prospective buyers interested in the property, all of whom had residential projects in mind.

As The Real Deal reported earlier this year, the brewery spent $8 million to expand production capacity at the facility to 120,000 barrels per year from 12,000. [Crain’s]