Yesterday, Crain’s reported that Toby Moskovits’s Heritage Equity Partners is looking to build the first spec office building in Brooklyn since the Roaring Twenties, at 25 Kent Avenue, between North 12th and 13th Streets in Williamsburg. YIMBY previously featured a concept for the lot that will not be built, but it illustrates the site’s enormous potential.
Moskovits has secured a $70 million construction loan for her eight-story boutique office property, but she’ll be racing Cayuga Capital Management to be first to build the first mini-office tower in Northside Williamsburg.
Just a few blocks away, Cayuga is also planning to build a 12-story office tower at 87 Wythe Avenue, between North 10th and 11th Streets. YIMBY has a new look at the project, designed by Gowanus-based Cycle Cities, led by architect Tony Daniels. This shot is a high aerial one, showing the building towering over the nearby Two Trees-developed Wythe Hotel and the surrounding low-slung industrial properties, with 87 Wythe almost eyeing the Midtown skyline across the East River.
The two proposed office projects signal the rise of Northside Williamsburg as a commercial destination, lagging slightly behind the neighborhood’s status as perhaps the premier destination for outer borough residential investment. The area is already flush with tourists and retail and hotel developers, and now rents on the waterfront for the most fickle type of commercial construction – class A office space – have risen to the point where ground-up development starts to pencil out.
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