Newmark Grubb Knight Frank (NGKF) announced today the introduction of 815 Broadway, a newly redeveloped property in border Williamsburg/Bushwick, to the New York City office market. Owned by Transition Acquisitions, the building comprised of 50,000 square feet and is undergoing a complete renovation. NGKF’s Ross Perlman, executive managing director, and Ryan Gessin, associate director, serve as the exclusive leasing agents for the property.
815 Broadway has a rich history, originally designed as the Globe Exchange Bank by Louis Mowbray and Justin Uffinger in 1917. Department of Buildings records show that previous owner Steiner Equities Group filed plans to convert the building into residential units. Thanks to the growth of the Brooklyn office market, the building was bought by Transition Acquisitions in 2015 with a plan to convert to office space.
The renovated building will reflect both its 20th-Century history and premier modern office design, offering full floors with windows on all four sides, exposed brick, vaulted ceilings and sweeping views of Brooklyn. The renovation plans also embrace the neighboring overhead subway, uniquely incorporating the J and M tracks into the design. The building includes five 10,000-square-foot floors with full building possibility, including naming rights and potential for a private entrance.
“Competing product in the surrounding Williamsburg-Bushwick office market consists primarily of warehouse conversions, which are atypical office spaces that tend to have irregular layouts and large floor plates that cater exclusively to large tenants,” noted Gessin. “815 Broadway, with its efficient layout and full floor options is ideal for mid-size tenants. It also has the added benefit of proximity to the J and M subway lines, allowing tenants easy access to the building and to avoid any potential negative impacts of the planned shutdown of the L line.”
“Talent is increasingly choosing to live in Brooklyn, and businesses are moving closer to their employees,” stated Mordy Getz, chief executive officer of Transition Acquisitions. “We saw an opportunity to meet this growing demand for office space in the Williamsburg-Bushwick area, while reviving the history and character of the building.”
About Transition Acquisitions
Transition Acquisitions is an active landlord and redevelopment specialist in New York City led by chief executive officer Mordy Getz. The firm focuses on properties with unique architectural elements that require significant time, funds and vision to renovate and restore to their previous glory. The firm also is behind the redevelopment of 2 Wooster Street, a 25,000-square-foot landmarked building on Wooster and Canal streets that is undergoing the building’s first renovation in over 75 years.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.