40,500-Rentable-Square-Foot Property Will Be Redeveloped and Re-leased by NKF
Newmark Knight Frank (NKF) announced today that Cornell Realty Group has signed a lease at 75 Metropolitan Avenue in Williamsburg, Brooklyn for 40,500 rentable square feet and 3,500 square feet of outdoor space. NKF’s Ryan Gessin represented the tenant, Developer Isaac Hager of Cornell Realty Group as well as the owner, Metropolitan 75 Realty. Also representing the owner was an NKF team including Alyssa Zahler, Whitten Morris and Joseph Sipala.
A five-story former industrial building, 75 Metropolitan Avenue is located in the heart of Williamsburg, two blocks from the waterfront and walking distance to home grown restaurants, bars and boutiques as well as national establishments such as Apple and Whole Foods. Hager, the developer signing the lease, has extensive plans to redevelop and renovate the property, including a new façade, modernized lobby and elevators, as well as upgraded state-of-the-art building mechanicals. A team led by Gessin and Zahler will re-lease the building. Cornell is active in Williamsburg, and is developing a nearby ground-up commercial project at 200 Kent Avenue.
“Identifying Ownership and Cornell’s synergistic goals was the key to this transaction,” said Gessin. “As someone who is deeply entrenched in the Northern Brooklyn submarket, I am beyond excited for both parties and just as importantly the neighborhood.”
“We share Cornell’s vision of delivering flexible, built, creative space in a market where product has been hard to come by,” said Zahler. “We are thrilled to bring the building to market by staying true to the building’s roots – incorporating design elements from the original structure including a restored vault we salvaged from the 2nd floor.”
In an homage to the found item, the building is being renamed The Vault at 75 Metropolitan. Renovations will be completed by Summer 2019.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
