Piece of Ko-Rec-Type portfolio sells for $23M
Parcel is one of eight previously on the market
Update: Feb. 21, 2019, 2:30 p.m.: One piece of the Ko-Rec-Type portfolio in Williamsburg traded for $23 million.
The parcel, located at 96 North 10th Street, sits across Wythe Avenue and is one of several owned by the manufacturer that previously were on the market last year.
The deal closed on Feb. 14, and the buyer was “96 North 10th Street Holdings LLC,” which lists Eliyahu Zev Kohn as its manager, according to a public document recorded Wednesday with the city’s Department of Finance. JLL’s Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara and Ethan Stanton brokered the sale on behalf of Ko-Rec-Type.
The entity secured an $8 million mortgage from “Confidential Lending LLC.”
Ko-Rec-Type, founded by Victor Barouh, manufactured typewriter correction tabs. Barouh’s nephew, Rob Barouh, now CEO of the company, hired now-shuttered Eastern Consolidated last March to market the properties. Then Marcus & Millichap had the listing for 96 North 10th Street. The family has owned the industrial properties for decades.
Eastern Consolidated co-founder Peter Hauspurg, who is now at ABS Real Estate Partners, did not immediately return a request for comment. Neither Barouh nor Kohn could be reached for comment.
The Ko-Rec-Type portfolio also includes a group of seven industrial properties next to each other along the Williamsburg waterfront at Kent and Wythe Avenues, a large development site that offers about 348,000 buildable square feet. Ko-Rec-Type took the larger site off the market in July 2018 and has been re-evaluating its own re-development options for those properties, which take up almost an entire city block, according to JLL.
This bigger site sits across the street from 96 North 10th Street, which is partially zoned for residential development and is home to a 45,000-square-foot, two-story industrial building. Building plans have yet to be filed.
Correction: This article was corrected to reflect that Ko-Rec-Type took its larger development site at 67 Kent Street off the market in July 2018. The article also was updated to reflect the marketing history for 96 North 10th Street.