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113,000-SF Warehouse Goes Condo

NEW YORK CITY-As the trend of industrial space turning residential continues, Brooklyn sees another warehouse property trade.

By Tom Sosnowski | Updated on August 14, 2006

(To read more on the industrial market and multifamily market, click here.)

NEW YORK CITY-A 113,000-sf concrete-and-steel industrial building in the Williamsburg section of Brooklyn has changed hands in a transaction valued at $26 million. The new owners plan to convert the six-story property into residential condominiums, capitalizing on Williamsburg-Greenpoint zoning changes that have transformed Brooklyn’s waterfront into a much-desired residential market.

The deal was arranged by Kalmon Dolgin Affiliates’ Neil Dolgin and Howard Darsi, who represented both the seller, Hope Street Realty, LLC, and the buyer, Hope Street Ventures, LLC in the transaction. The building is managed by KND Management, the management arm of Kalmon Dolgin Affiliates, Inc. Kalmon Dolgin Affiliates will act as consultants to current industrial tenants throughout the transition process.

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