BROOKLYN, NY-Sunset Park is about to get more firmly rooted on the commercial real estate map. The area's Liberty View Industrial Plaza—a one million-square-foot, eight-story property at 850 3rd Ave.—is now being marketed jointly by Kalmon Dolgin Affiliates and Newmark Grubb Knight Frank for Salmar Properties, GlobeSt.com has learned EXCLUSIVELY.
Offering the promise of 160,000-square-foot floor plates and many bells and whistles after a $100 million renovation, now in its final stages, the building could work as the home for a wide variety of tenant types, including technology and industrial tenants. Kalmon Dolgin's Neil Dolgin, co-president and Jeffrey Unger, director are marketing the property, in tandem with Howard Kesseler, executive managing director and Jordan Gosin, director of Newmark Grubb Knight Frank.
Also of possible great appeal to prospective tenants are two big tax break programs—both run by the city's Economic Development Corp.—that could come with moving into the building, which becomes available early next year. Companies at least two years old that relocate to the property from Manhattan, elsewhere in New York State, the rest of the country or even overseas can apply for the NYC Relocation and Employment Assistance Program, which enables tenants to receive a tax credit of $3,000 per employee each year for 12 years. Another big savings incentive for tenants is eligibility for the Energy Cost Saving Program.
“The REAP program could bring tenants' rents down to below single digits,” Unger declares to GlobeSt.com. “The more labor intensive they are, the better. Under the ECSP, companies can reduce regulated energy costs by up to 45% and regulated natural gas costs by up to 35%.
Liberty View Industrial Plaza recently underwent an $100 million renovation. “It was done down to the last wire,” Unger says. “It has abundant power for any type of manufacturing requirements, back up generators for all essential life/safety functions, it's LEED certified and features energy saving windows and lighting. And it's the only building in the area with 100% fiber optic wiring.” Also being considered for the building is a roof top deck where tenants can take in views of New York Harbor and the Statue of Liberty.
Brokers are courting “the creative, industrial, new types of tenants,” Unger says. In particular, the KDA/NKGF team is interested in the technology and biotech sectors, and is even going after fashion, design and production companies. Says Dolgin, “The property meets and well exceeds the needs of today's creative tenants, innovative tech companies and manufacturers that are the engine of New York's economy,” Dolgin says.
Sunset Park has gotten some attention lately as new-to-the-market investors—such as Jamestown—try to maximize its use, particularly in the Industry City development. “The area is being revitalized for the industrial space,” notes Unger.
Public transportation is nearby and the property is one subway stop away from the Long Island Rail Road, Atlantic Terminal station and the new Barclay's Center. Liberty View also is said to be one of the only buildings in the area to offer tenants onsite parking.
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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.
