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MRC Buys Clinton Hill Industrial Property

NEW YORK CITY—The CRE investor plans to convert the asset into Class A office space and then market the facility as a more affordable option than neighboring communities.

By Rayna Katz | Updated on March 06, 2015

NEW YORK CITY—Madison Realty Capital has acquired 29 Ryerson St., a vacant eight-story loft warehouse in the Clinton Hill section of Brooklyn, for $45 million. The real estate investment firm plans to convert the building into Class A office space and market it as a cost alternative to other parts of Brooklyn.

Located across the street from the Brooklyn Navy Yard, the property was purchased in an off-market transaction based on a direct relationship with the seller, which led to a deal that provides the prior fee owner an opportunity to participate in future upside in the property. The identity of the property’s seller was unclear at press time. However, GlobeSt.com reported a previous sale of the asset back in 2013.

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