Gural family puts up East Williamsburg warehouse up for $30M
Building hits market after noodle-maker renews lease
The Gural family’s GFP Real Estate is looking to sell an industrial property on the border of East Williamsburg and Bushwick for $30 million, more than twice what it paid in 2014.
The decision was made after a Chinatown-based noodle manufacturer renewed its lease for the 71,500-square foot Brooklyn building for 10 years. Financial terms were not disclosed.
Located at 7 Bushwick Place, the three-story industrial building has been occupied since 2004 by Twin Marquis, a maker of noodles and dumplings for more than 30 years. GFP, led by Jeffrey Gural, acquired the property in 2014 for $12.5 million.
In 2011, Korean giant CJ Foods USA purchased Twin Marquis. Brian Steinwurtzel, co-CEO and principal of GFP Real Estate, said in an interview that the parent company decided to renew the lease, which GFP had not expected when it purchased the building. The firm has been prioritizing redevelopment opportunities, and with the foodmaker locked in to the building for another decade, GFP decided to sell it.
“A lot of what GFP has been focusing on is redevelopment projects, and Twin Marquis being in the building for a very long time is clearly not a project that will be redeveloped anytime soon,” he said. “We are happy to forego redevelopment especially to help a company and organization like Twin Marquis.”
Avison Young is leading the marketing of the warehouse. In a press release, James Nelson, head of Avison Young’s tri-state investment sales group, touted the accessibility to the site and its occupant.
“With a new long-term lease in place, 7 Bushwick Place presents the perfect opportunity for an investor to purchase a stabilized asset in the heart of East Williamsburg occupied by a credit tenant,” he said. Nelson cited the neighborhood’s gains and potential.
Twin Marquis, founded in 1989 in Chinatown, has become a large-scale operation, expanding to a 150,000-square-foot facility in Robinsville, New Jersey. The Bushwick Place warehouse has been outfitted for food production and has loading areas, several freight elevators and sprinklers throughout the building.
Industrial real estate is booming across the U.S., and New York City is no exception. Sales of industrial properties skyrocketed 782 percent year-over-year in the fourth quarter, by dollar volume. Nationally, industrial real estate recorded $166.1 billion in sales last year, up 56 percent from 2020. Only multifamily sales gained more.