With property values soaring in New York City and especially in North Brooklyn, it has been revealed that the building that is home to Williamsburg, Brooklyn’s Output at 74 Wythe Avenue has been sold for $7.4 million. The news was first reported yesterday by Commercial Observer, who quoted Jacob Sacks, one of the two principals of Cayuga Capital Management, which sold the building with capital partner, Latus Partners, as saying Output would “continue normal operations as per a long term lease that is in place.”
Located in a neighborhood that has quickly gentrified from warehouses to posh hotels and swanky condos fetching up to $1,500 per square foot, Ouput’s locale is tantalizing to any developer since it boasts 7,400 square feet of grade retail area, 4,000 square feet of mezzanine and penthouse area and a 3,000-square-foot roof deck with unobstructed views of Manhattan. “The pricing that we were able to achieve for this property is a direct result of the competition generated through leveraging outstanding real estate and a secured, long term net lease,” said Marcus & Millichap’s Russ Wachtler in a prepared statement to Commercial Observer.
Folks, we’ve seen this movie before and know how it ends. Let’s hope the savvy owners behind the club are already looking to neighboring Greenpoint and Bushwick where rent is cheaper — for now.