Princeton Holdings Venture Acquires Bushwick Site for $26.75M, Plans Redevelopment to Creative Office, Retail Arts Enclave

Princeton Adds to Bushwick Portfolio in deal with Normandy Real Estate Partners To Transform 333 Johnson Avenue into 285,000 Sq.Ft. Creative Mixed-Use Hotspot

NEW YORK--()--A joint venture of Manhattan-based real estate investor Princeton Holdings LLC and Normandy Real Estate Partners has acquired the 160,000 square foot industrial property at 333 Johnson Avenue in the Bushwick section of Brooklyn for $26.75 million and plans to create 285,000 square feet of creative mixed-use commercial space. The venture is developing a plan for the redevelopment of the eight-building interconnected complex of brick buildings with 20-foot ceiling heights, to include an exciting mix of uses including creative office, retail and arts-oriented exhibition space.

“We have strong relationships with and interest from a large array of international arts and business tenants which are keen to tap this market’s potential.”

This acquisition augments Princeton Holdings’ considerable portfolio of Bushwick property. The company owns the Rheingold Brewery site bounded by Flushing and Evergreen Avenues, which will be transformed into 977 apartments, plus 450,000 square feet of commercial space. Just last month, Princeton Holdings acquired 121 Morgan, a 100,000-sq.ft. commercial development in Bushwick.

“We are highly confident about Bushwick’s long term prospects and certain that 333 Johnson will play an important role in fulfilling the growing need for creative office and retail space, with atmospheric amenities, that are a key component of a true live-work-play community,” said Princeton’s CEO Joseph Tabak. “We have strong relationships with and interest from a large array of international arts and business tenants which are keen to tap this market’s potential.”

The Princeton/Normandy venture acquired the property in partnership with an entity formed by Sciame Development and Royalton Capital LLC. The Princeton venture will direct the redevelopment of the property.

333 Johnson is a unique asset in that it offers a variety of spaces, most with 20 plus foot high ceilings – perfect for today’s creative office users. Princeton’s Tabak said the venture will retain a top notch architectural firm to drive the redesign of the existing structures on the site and utilize the full FAR to create 285,000 square feet of commercial space.

Two short blocks from the Morgan Avenue stop via the L train, 333 Johnson Avenue was originally home to the Lehman Brothers slaughterhouse, and most recently, A.J. Bart, one of the largest financial printers in New York. The area is lined with bars and gourmet restaurants such as Roberta’s, The Well Public House, Tutu’s, The Narrows and Falonsai, to name a few; art galleries and converted factory apartment buildings- attracting many artists and musicians.

“As Bushwick evolves into a true 24/7 live, work and play neighborhood, 333 Johnson Avenue will serve was the center for the budding creative office community, forward thinking retailers whose business models will be influenced by the community’s spirit and bold restaurants and bars that will provide the best dining and entertainment options the area has to offer,” stated Paul H. Teti, principal of Normandy.

Contacts

Great Ink
212-741-2977
Roxanne Donovan – Roxanne@greatink.com
Eric Gerard – Eric@greatink.com
Tom Nolan – Tom@greatink.com