Jewish Press Building Hits Market for $10 Million

Four years after rejecting the advances of Shaya Boymelgreen and Isaac Katan who were in the process of buying three adjacent properties, the owners of the Jewish Press building have put their headquarters on the market with a $10 million price tag. A lot has changed since then: Boymelgreen and Katan split up and the three properties were put on the market (though they never sold and were pulled off the market). So now the question is, Who is the right buyer for the Jewish Press? The listing broker, Terra CRG founder Ofer Cohen, thinks it’s someone banking on putting up a residential building post-Gowanus rezoning; if the current plan gets approved, someone could build 145,800 square feet of space. But Massey Knakal’s Ken Freeman thinks the Jewish Press building and the Katan properties are inextricably linked: “I would be surprised if [the Jewish Press building] was developed separately from [the Gowanus Village parcels], though it’s possible that there would be a buyer that would reuse the space,” Freeman told The Real Deal. (Word on the street is that the Katan properties will come back on the market when the ULURP process is a little further along.) Along those lines, one buyer reportedly has been interested in turning the 85,000-square-foot building into a performing arts space. Either way, we bet the current owners are kicking themselves that they didn’t squeeze Boymelgreen for every dime back during the boom times.
Jewish Press Building for Sale [The Real Deal] GMAP
Photo by jackszwergold