Worthless Bricks, LLC Buys Industrial Property In New York For $5.3M

The industrial property located at 7 Knickerbocker Avenue in Bushwick, Brooklyn was sold on May 14, 2021. The property spans 10,000 square feet and features a dual frontage on both Johnson and Knickerbocker Avenues. The transaction involved the sale of the property for $5.3 million. The seller, Washington Square Partners, and the buyer, Worthless Bricks, LLC, finalized the deal with the property boasting 15-foot ceiling heights and the potential for development with 10,000 square feet of buildable air rights.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $5,300,000.00
• Address: 7 Knickerbocker Ave, New York, NY
• Market: New York
• Seller's Representative: Laurence Roberts
• Buyer: Worthless Bricks, LLC

Laurence "Larry" Roberts and George Martinecz from Newmark, along with Brian Segall, facilitated the transaction. Larry Roberts served as the in-house representative for the seller, Washington Square Partners. The buyer, Worthless Bricks, LLC, will repurpose the industrial space as a studio and event venue for emerging artists. The property's location in an Opportunity Zone, coupled with its unique characteristics like the ceiling heights and the available air rights, make it an attractive space for creative endeavors.