1 Nassau Avenue
Update
03/17/23
Climbing Gym Trades for $43.3M in Williamsburg
A 2-story, redeveloped warehouse, located at 1 Nassau Avenue in Williamsburg, Brooklyn, has just been sold for $43.3 million. The facility was purchased by EPR Properties from the developer and previous owner, Cayuga Capital Management, in an arms-length transaction.
Originally constructed in 1918, the building received a 2nd-floor addition and significant alterations, which began in 2019 and concluded in 2021. Designed by , and constructed by Corporation, the redevelopment transformed the old building into a VITAL Climbing Gym location.
Totaling square feet, the building has been custom designed with rock climbing walls and infrastructure throughout. In addition to the main bouldering areas, the facility features a fitness section, and a rooftop wellness sanctuary, complete with yoga and cycling spaces, as well as a cafe.
The buyer, ERP Properties, is a Kansas City-based real estate investment trust (REIT), which describes itself as "specializing in select enduring experiential properties in the real estate industry". VITAL Brooklyn will therefore fit right into its portfolio, which currently includes amusement attractions, theatres, fitness and wellness facilities, ski resorts, and various other recreational properties.
