Bungalow Projects, Bain Capital RE Buy BK Property for $34M  

Bungalow Projects and Bain Capital Real Estate have acquired 145 Wolcott Street in Brooklyn’s Red Hook neighborhood for $34 million, planning to develop a 225,000-square-foot production facility. The site will feature four sound stages, ancillary production spaces, and parking. 

This acquisition expands Bungalow Projects’ portfolio, which includes the recently acquired 215 Moore Street in Bushwick, expected to result in approximately 330,000 square feet of production space“Our goal is to develop best-in-class, purpose-built soundstages in highly amenitized neighborhoods of Brooklyn such as Red Hook and Bushwick, and we believe Wolcott fits well within our portfolio alongside our Moore project,” said Susi Yu, Bungalow Projects’ co-founder. 

Bain Capital and Bungalow Projects formed a partnership to invest in sustainable production hubs in New York City under the Echelon brand. This initiative complements Bain Capital’s development of purpose-built content creation spaces in Los Angeles with BARDAS Investment Group. David Behin at Newmark helped Bungalow Projects arrange its off-market acquisition of the property.