The parcel of Williamsburg land is listed at $65 million. (B6 Real Estate Advisors)
A Williamsburg assemblage once slated for an office and retail development is on the market for $65 million, The Real Deal has learned.
The parcel at 87 Wythe Avenue is a combination of a 37,000-square-foot renovated retail space and 22,400 square feet of vacant land, which could give way to a 53,000-square-foot building.
It was assembled several years ago by Cayuga Capital Group, led by Jacob Sacks and James Wiseman. The developers acquired three lots to create the block-long parcel on Wythe Avenue between 10th and 11th streets.
One of the sites was Vice Media’s former North 11th Street headquarters. In 2015, the developer paid $14.5 million to acquired the final piece, a warehouse at 85 Wythe Avenue.
Cayuga then filed plans to build a nine-story office and retail building, but it never materialized. The developer is now on the hook for a $28.5 million mortgage backed by the parcel, according to property records. M&T Bank is the lender.
Cayuga and M&T did not immediately respond to requests for comment.
The parcel is being marketed by a team from B6 Real Estate Advisors, led by Paul Massey and Bryan Kirk. According to the brokers, the retail section has 12 commercial units and is 80 percent occupied. Kirk declined to comment on the property owner.
The site is located in a particularly busy section of Williamsburg, with hotels, new office space and plenty of retail nearby. The Williamsburg Hotel, which is currently going through restructuring under a Chapter 11 bankruptcy petition, is just across the street, and the Hoxton, Wythe and William Vale hotels are all a short walk from the site. Rubenstein Partners and Heritage Equity Partners’ 25 Kent Avenue, another large office property, is a few blocks away.
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May 28, 2021 at 05:00AM
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Cayuga Capital selling Williamsburg assemblage for $65M - The Real Deal
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