Mixed-Use Development Planned for Bushwick
- Jun 15, 2015
New York—Normandy Real Estate Partners, Royalton Capital and Sciame Development have bought a 160,000-square-foot industrial property in the Bushwick neighborhood of Brooklyn, and plan a mixed-use redevelopment of the structure. Plans call for a variety of uses upon completion, such as retail and office space, and private and public outdoor space.
Also, 333 Johnson will be able to house up to 10 restaurants and bars, all of which will face a common courtyard. With capital improvements and renovations starting immediately, the building is slated for completion in early 2016, according to the partners.
The JV purchased the site, which features eight interconnected buildings, for $26.75 million. The Blumstein Team of Corcoran Group represented the seller, Richard Bart Realty, while the locally based TerraCRG represented the buyers in the transaction.
The three-acre site at 333 Johnson Ave. has seen a number of industrial uses over the years, including a slaughterhouse and most recently a printing press (which is vacating the building). According to the JV partners, the property will be Bushwick’s first mixed-use development on this scale.
Bushwick, which is in the northern part of Brooklyn, is a rapidly gentrifying area. Last year, 13 Melrose, the first new construction condos in the neighborhood since 2008, went on the market, offering eight one-bedroom units from $389,000 to $733,000.