Brooklyn Brewery is tapping out in Williamsburg, but its next location is a mere pub crawl from its longtime home.
The company signed a 41,000-square-foot lease at Shlomo Karpen’s eight-story development at 1 Wythe Avenue in Greenpoint, the Commercial Observer reported. The spot is only four blocks from 79 North 11th Street, which Brooklyn Brewery plans to shutter.
The transition isn’t expected to take place until summer 2024. Brooklyn Brewery’s new space is an increase in size, expanding from 30,000 square feet at its original spot.
The brewery will occupy the first and fourth floors of 1 Wythe Avenue, in addition to the basement. The space will include a taproom, corporate offices and brewing and research operations.
The asking rent on the 30-year lease, which includes renewal options, was $75 per square foot. Verada Retail’s Nathaniel Mallon represented both sides of the transaction.
Brooklyn Brewery reportedly started looking at leaving its original digs years ago. The company was eyeing 60,000 square feet elsewhere beginning in 2016, despite having nine years left on its lease. At the time, the Brooklyn Navy Yard and Industry City were in the running as potential sites. Williamsburg waterfront site 67 Kent Avenue was also considered more recently.
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CEO Eric Ottaway told Crain’s at the time there was “zero” chance it would be renewing its lease after Yoel Goldman put the warehouse home of the brewery up for sale. Atlas Capital Group ultimately purchased the property for $37 million.
Days after Brooklyn Brewery’s impending departure was reported, the brewery denied it was planning to leave Williamsburg, calling its exit “greatly exaggerated” in a blog post.
Karpen this summer received $55 million from G4 Capital to refinance prior debt and build a 100,000-square-foot property on Wythe Avenue. A new building permit was filed in July after Karpen petitioned to rezone the property for commercial, industrial and retail use.
Karpen bought the property in 2018 for $15.3 million.
— Holden Walter-Warner