Oversized Brooklyn Warehouse Sells for $45 Million
- Mar 06, 2015
By Veronica Grecu, Associate Editor
A vacant industrial facility located at 29 Ryerson St. in the Wallabout/Clinton Hill section of Brooklyn changed ownership and is now preparing for a complex transformation.
Real estate investment firm Madison Realty Capital (MRC) reported it recently acquired the eight-story warehouse in an off-market transaction valued at $45 million or $209.30 per square foot. In a prepared statement MRC announced that the off-market transaction was based on a direct relationship with the seller—an entity called 11-45 Ryerson Holdings, LLC and managed by real estate investor Chaim Miller—by structuring a deal which provided the prior fee owner an opportunity to participate in future upside in the property. According to information from PropertyShark the seller had purchased the 64-year-old property in 2013 for $26.35 million.
MRC plans to renovate the 215,000-square-foot property, which sits across from the Brooklyn Navy Yard, and transform it into Class A creative space for high-tech companies seeking more affordable office rents. “Rising rents and the lack of large, classic industrial spaces throughout Manhattan has changed the value proposition and driven tenants to look elsewhere for space. With our in-house design and construction team, we will be able to accentuate the distinctive attributes of 29 Ryerson and bring a truly unique space to market,” said in a press statement Joshua Zegen, Co-Founder and Managing Member of MRC.
Image via PropertyShark