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Brooklyn Navy Yard Real Estate Still Wide Open

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For office-dwellers looking for a nice change of scenery out the window were eager to have that chance in the quiet area near the Brooklyn Navy Yard. The location on what almost feels like the outskirts of Brooklyn is minutes from the Manhattan and Brooklyn Bridges and accessible by a solid bicycle infrastructure. Old warehouses could be converted into some of the newest and hippest office spaces in the city.

Crain’s New York reports that the investment firm that purchased a warehouse next to the Brooklyn Navy Yard with a plan to convert it into creative office space has decided instead to sell the property.

Madison Realty Capital, a real estate debt and investment firm, has hired a sales team from Cushman & Wakefield to market and sell the over 200,000 square-foot vacant building at 29 Ryerson St., a property purchased three years ago.

The Cushman team hasn’t named an asking price. Crain’s spoke to sources familiar with the sale who said the brokers are aiming for a deal above $70 million, quite an increase from the $45 million Madison paid for the property in 2015.

Crain’s reports that the firm has made renovations on the property, excluding converting it into office space as planned to weigh redeveloping it into hotel space or a mix of those two.

The nearby Navy Yard has seen a leasing uptick recently, according to Crain’s. A renovation of Building 77 at the complex attracted new tenants, one tenant even including fashion designer Nanette Lepore. The Navy Yard also reached a deal to build 230,000 square feet of new light manufacturing and office space on top of a parking garage. The influx of tenants to the yard could create more demand for offices or amenities like hotels to the area.

The Real Deal describes Madison Realty Capital. “Madison Realty Capital is a real estate management firm in New York. The firm was founded by Brian Shatz and Joshua Zegen in 2004, and since that time has closed more than $2.5 billion of real estate transactions for multifamily, retail, office and industrial properties. In 2007, Madison dealt out more than $500 million in commercial real estate loans alone. The firm specializes in equity and debt transactions as well as property management, all focused on the middle market. In 2013, Madison climbed over the $700 million mark in closed real estate transactions for a single year.

Additionally, the company launched a separate property management and asset management company called Silverstone Properties.”

The Real Deal continues that “some of Madison’s largest transactions include acquisition and construction loans for a seven-story mixed-use Elmhurst, Queens, development for $70 million. The development is a conversion of the former Saint John’s Hospital. In December 2014, Madison announced an $89 million multifamily property development in Clinton Hill, Brooklyn. The development is a 27,500-square-foot 80/20 housing project. As of 2014, Madison had accumulated a series of contiguous properties in Harlem; it owns an entire city block on Frederick Douglass Boulevard between 111th and 112th Streets.”

The Brooklyn Navy Yard was a shipyard located in Brooklyn, producing warships for the United States at its peak. height of its production of warships for the United States Navy, it covered over 200 acres (0.81 km2). The tremendous efforts of its 70,000 workers during World War II earned the yard the nickname “The Can-Do Shipyard.” The yard was decommissioned in 1966.

By: Viktor Vega

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