December 17, 2015 08:30AM
Bar, restaurant and entertainment establishment Punch Bowl Social is set to open its first New York City location at a 20,000-square-foot warehouse space in Bushwick, The Real Deal has learned.
Punch Bowl Social, owned by Denver-based restaurant operator Seasoned Development, signed a long-term, 15-year lease plus options for two interconnected industrial properties at 199 Starr Street and 350 Troutman Street in the rapidly developing neighborhood.
A spokesperson for Seasoned Development confirmed the deal, with Punch Bowl Social also planning to develop at 10,000-square-foot rooftop deck at the 20,000-square-foot property — taking the establishment’s total footprint to 30,000 square feet. Punch Bowl Social plans to open its Brooklyn location in fall 2017.
The chain — a self-described “dining and entertainment mecca” that blends food and drink with gaming options like bowling and table tennis — currently has six locations across the country. It just opened its most recent operation in the Chicago suburb of Schaumburg last weekend, with plans for further locations in Indianapolis, Sacramento and the Denver neighborhood of Stapleton.
Punch Bowl Social will lease the Bushwick space from Williamsburg-based Cayuga Capital Management, which is currently in contract to acquire the adjacent warehouses, The Real Deal learned.
Bushwick-based M Properties Group brokered the deal on behalf of owner Master Equity, which operates an aluminum window and door manufacturer at the properties, located one block away from the Jefferson Street subway stop served by the L train.
No purchase price on the sale of the properties was disclosed, though sources said the seller’s asking price was $10.5 million. Master Equity acquired the warehouses for just under $1.73 million in 2005, according to city property records.
Both Cayuga Capital and M Properties Group confirmed the sale transaction is in contract, though declined to comment further on the matter.
Jason Greenstone of Cushman & Wakefield and Dan Nesson of Denver-based True North Real Estate, who represented Punch Bowl Social in the lease transaction, declined to comment on the matter.