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Radegast, Egg & Other Williamsburg Eateries Could Be Threatened By $100 Million Real Estate Deal
By
Nell Casey
Published Sep 17, 2014
Modified Sep 17, 2014
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By
Nell Casey
Published Sep 17, 2014
Modified Sep 17, 2014
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A rumored real estate deal could cause trouble for some of Williamsburg's most successful eateries, meaning not even the neighborhood's bougie gentrifiers are safe from...the effects of gentrification. A possible $100 million deal to purchase several properties on North 3rd Street has been dished to the Real Deal, which reports that Waterbridge Capital could pay around $1,000 per square foot for the space at 103-119 North 3rd Street. Current tenants of said properties include beer hall Radegast, brunch dominator Egg, Mexican spot Viva Toro and hirsute chocolatiers Mast Brothers.
The deal gives Waterbridge about 110,000 total buildable square feet, including more than 50,000 square feet of residential space with 41 rental units that are ripe for repositioning, sources said. The properties generate about $4 million in annual income, a source said. [The] businesses are likely paying below-market rents, and will be repositioned over time.
For its part, Radegast doesn't see itself going anywhere, with the owner telling us he had four and a half more years on his 12-year lease plus an option for 10 more years after that. He hadn't been approached by anyone about the sale of the building, but said he "knew what he had" and would negotiate with his current landlord, Olga Sosa of Berry Enterprises Uses, LLC. We reached out to Egg and Mast Bros. and we'll update if we hear back.
These properties are just a stone's throw from 76 North 4th Street, the site of Williamsburg's rumored Shake Shack. At the time, a Radegast worker told us he heard that "Marshall's and TJ Maxx's [were] going in and subterranean parking lots," and that given the "state of Williamsburg" he wouldn't be surprised if the rumors were true. Whether these businesses will be ousted and replaced with gleaming new condos or some other monstrosity remains to be seen. At least whatever moves in will probably go well with Whole Foods.
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