BROOKLYN, NY-Once again creating office space here from an industrial facility, a 200,000-square-foot warehouse that has been acquired for $26.4 million will be converted into a mixed-use office and retail complex.
Located at 29 Ryerson St. (or 256 Flushing Ave.), the building was purchased by an entity calling itself 11-45 Ryerson Holdings LLC from the former owner, which went by 29 Ryerson St. LLC. Brokers Alan Shmaruk, principal and Michael Sherman, director of the Manhattes Group, represented both the buyer and seller on the deal. Jeffrey Platte of Platte, Klarsfeld, Levine & Lachtman, LLP was the attorney representing the seller and Yisroel Schwartz of Blaivas and Associates was the attorney representing the buyer.
Located across the street from arguably one of the nation's most successful retooling's of an industrial space, the Brooklyn Navy Yard, 29 Ryerson St. is also part of the Brooklyn Tech Triangle, making it a contender for headquarter operations from one of the city's most highly sought tenant types: technology firms. The property will be delivered vacant in the first quarter of 2014.
Brooklyn has a history of repurposing buildings and even entire neighborhoods. First, came the transformation of DUMBO from industrial space into apartments as early as the 1970s, later becoming a hotbed of technology company offices and an arts district. That transformation is being followed by the conversion of the Domino Sugar Factory into offices and residential space.
Says Shmaruk, “Due to the growth going on in the Brooklyn Navy Yard and the fact that the property is located within the Brooklyn Tech Triangle we received significant interest in the property. It is extremely rare a property of this size becomes available within striking distance of Manhattan. The property's location within the Brooklyn Tech Triangle presents an excellent opportunity for a conversion to an office building, where the current demand for office space is greater than the supply. Because of multiple parties bidding on the property, we were able to achieve a price over asking”.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
