Newmark Knight Frank Brokers Major Williamsburg Lease

Cornell Realty Group signed a 40,500-square-foot lease at a former industrial building. The five-story property will be redeveloped to include a new facade and modernized lobby and elevators.
75 Metropolitan Ave.
75 Metropolitan Ave.

Cornell Realty Group has signed a 40,500-square-foot lease at 75 Metropolitan Ave. in Williamsburg, N.Y., with Metropolitan 75 Realty. The deal also included 3,500 square feet of outdoor space. NKF represented the owner in the deal.

Currently, a five-story former industrial building is situated on the site. Under terms of the deal, the property will be redeveloped with planned renovations including upgraded building mechanicals, a new facade, and modernized lobby and elevators. Additionally, it will be rebranded as the Vault at 75 Metropolitan when the work is finished in the summer of 2019.

“Identifying Ownership and Cornell’s synergistic goals was the key to this transaction,” Ryan Gessin, NKF’s associate director, said in a prepared release. “As someone who is deeply entrenched in the Northern Brooklyn submarket, I am beyond excited for both parties and just as importantly the neighborhood.”

The NKF team also included Alyssa Zahler, Whitten Morris and Joseph Sipala. When the renovations are complete, Gessin and Zahler will lead a team to re-lease the building.

Brooklyn’s hip neighborhood

The building is located in the heart of Williamsburg, just a couple of blocks from the waterfront. It’s close by a number of Brooklyn’s homegrown restaurants, bars and boutiques, with an Apple Store and Whole Foods nearby.

Cornell is no stranger to Williamsburg. It’s also developing a nearby ground-up commercial project at 200 Kent Ave.

Williamsburg is a popular destination for businesses. Uanderson Benedetti, managing director with Millbrook Realty Capital, told Commercial Property Executive in September that Downtown Brooklyn and Williamsburg are seeing the most investment activity from big-name sponsors, and many lenders prefer to do business there.

Images courtesy of Newmark Knight Frank