The Gretsch Building

Williamsburg, Brooklyn

In 2002, a young Ricardo Pagan acquired the existing 210,000 SF Gretsch Guitar Factory – a beautiful industrial building in a prime Williamsburg, Brooklyn location – for $15 million. Together with Classon Realty and Lehman Brothers Real Estate Funds, a $75 million redevelopment commenced, consisting of 130 luxury residential condominium units along with ground floor retail. The project had an original average selling price of $450/per square foot, and eventually sold with an average price of $600/per square foot. When The Gretsch was delivered in the summer of 2004, it was the first white-glove, full service residential condominium in Williamsburg, with a gross sell-out of $102 million, and was sought-out by Brooklyn residents and Manhattanites alike.