A group of three developers purchased a three-acre industrial site in Bushwick for $26,750,000 and plans to turn it into a “creative community” with stores, restaurants and office space, according to real estate firm TerraCRG, which brokered the deal. Buyers Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development will repurpose the existing eight buildings on the site, located at 333 Johnson Avenue, according to a release sent out by the developers.
The development will have more than 100,000 square feet of office and flex space, 60,000 square feet of retail space and 40,000 square feet of outdoor space. The developer plans to include space for “artisanal food production.” No plans have been filed for the site and the renderings are purely conceptual. The building is scheduled to be completed in early 2016 and tenants will have access as soon as late 2015, according to the release from the developers who were represented by real estate firm DTZ.
The properties at 339 Johnson Avenue (also 347-351 Johnson Avenue) and 325 Johnson Avenue (also 325-333 Johnson Avenue) are zoned M-31 for manufacturing, giving them a FAR of 2. The properties have 261,800 buildable square feet and another 145,600 square feet of air rights, according to TerraCRG. The Wall Street Journal first reported the sale and plans.