Ko-Rec-Type Selects Eastern Consolidated as Exclusive Agent to Market the Sale of its 2+ Acre Prime Williamsburg Portfolio
NEW YORK, NY – March 14, 2018 – Eastern Consolidated has been selected as the exclusive agent to market the sale of the Ko-Rec-Type Williamsburg Portfolio, that includes seven (7) contiguous properties with conversion and redevelopment potential comprising 1.66 Acres on almost an entire city block. The properties are located between Kent and Wythe Avenues, and North 9th and North 10th Streets in Williamsburg, Brooklyn. They overlook the East River and Bushwick Inlet Park with panoramic views of Manhattan.
The Ko-Rec-Type Portfolio also includes a separate (eighth) redevelopment property, partially zoned residential, at 96 North 10th Street across Wythe Avenue.
Our team of exclusive brokers consists of Peter Hauspurg, Chairman & CEO, Andrew Sasson and Chad Sinsheimer, Managing Directors, Matthew Isaacs, Director, and Michael Kopy, Associate Director, Investment Sales Division and Gary Meese, Senior Director, Financial Services-- the analyst for the offering. We are requesting offers on behalf of Ko-Rec-Type’s long-time ownership led by Rob Barouh, President & CEO, whose late uncle, Victor Barouh, founded the company and was the inventor of Ko-Rec-Type’s products.
The Williamsburg manufacturer was best known for its patented Ko Rec Type® typewriter correction tabs--a ubiquitous staple in homes and offices for decades. The company was a vertically integrated manufacturer and distributor of typewriter/business machine imaging and correction supplies and accessories.
“Ko-Rec-Type was a manufacturing giant and, in its heyday, was the second largest private employer in North Brooklyn,” Rob Barouh said. “We’ve been here for more than half a century. Now, working with the team at Eastern Consolidated, Ko-Rec-Type is offering its entire portfolio to a new generation to utilize its spectacular space to complement the myriad residential, hotel, office, retail, parkland and river developments surrounding it in Williamsburg.”
Peter Hauspurg, CEO of Eastern Consolidated notes, “The Ko-Rec-Type Portfolio at over 2 Acres is the crown jewel of Williamsburg, and one of the last significant development sites in the area. It offers an extremely rare opportunity to control nearly an entire block in one of the finest areas along the waterfront in North Brooklyn,” Hauspurg said.
Mr. Hauspurg continued, “For a developer or owner-user, Ko-Rec-Type’s assemblage of properties truly represents a blank canvas that will enable the buyer to either reposition or redevelop the existing buildings and potentially build a corporate headquarters while taking advantage of all applicable tax and other incentives for business and employees in the NYC area. With a community facility, the zoning floor area of the site nearly doubles.”
Ko-Rec-Type’s seven contiguous properties, situated on almost an entire city block include industrial/commercial buildings and a former meat packing plant totaling approximately 185,000 existing square feet, with some ceiling heights over 20 feet. With a community facility component, the zoning floor area increases to approximately 348,000 buildable square feet.
Ko-Rec-Type’s separate property, at 96 North 10th Street, is a 45,000 square-foot manufacturing space with a partial basement and partial residential zoning.
Ko-Rec-Type’s 1.66-Acre parcel has 200 feet of frontage on Kent Avenue directly across from Bushwick Inlet Park on North Brooklyn’s waterfront. It also has 200 feet of frontage on trendy Wythe Avenue, which has become one of Brooklyn’s most vibrant and high profile retail and national marketing corridors. Along Wythe Avenue, Ko-Rec-Type’s Portfolio recently hosted more than 20,000 attendees at Refinery29’s annual “29Rooms” exhibition and is currently showcasing out-of-home advertising for top brands.
The Ko-Rec-Type Portfolio is ideally situated at the epicenter of posh eateries & watering holes and trendy hotels: The Williamsburg Hotel, the Wythe Hotel, The Hoxton Hotel and The William Vale Hotel. It is also close to the iconic retail establishments: Rough Trade, Artists & Fleas, Brooklyn Brewery and Brooklyn Bowl on North 12th Street, which Eastern Consolidated sold in 2016 for $37.5 million.
A few blocks north, Heritage Equity Partners is developing a 500,000 square foot ground-up office complex designed by Gensler and HWKN that will include light manufacturing and art space, retail, restaurants, a public plaza, roof deck, and private balconies.
he Ko-Rec-Type Portfolio is a short walk to public transportation at the Bedford Avenue L train stop- the first subway stop in Brooklyn from Manhattan, the J, M, Z trains, the B32 bus, Citi Bike stations, and the East River Ferry terminal at North 6th Street. The East River State Park, The Edge Park, North 5th Street Pier & Park and McCarren Park are nearby.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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