The Real Deal New York

Industry City developers building 1,200-foot-long retail hub at complex

The companies have spent $160M renovating the offices

June 23, 2016 05:21PM

Rendering of Industry City (photo from S9 Architecture)

Rendering of Industry City (photo from S9 Architecture)

The developers renovating the massive Industry City office complex in Sunset Park have embarked on the next phase of the project: a 1,200-foot-long retail hub.

The development team — Jamestown, Belvedere Capital and Angelo, Gordon & Co. — invested $8 million in constructing “Innovation Alley,” a corridor of 125,000 square feet of retail space that runs from 37th to 33rd streets between Second and Third avenues, Crain’s reported.

The retail hub is expected to be completed next year, though some tenants have already moved into the completed sections.

Rents along the alley run from $35 to $80 per square foot.

The developers have already shelled out $160 million to renovate the 16-building complex. In April, the partners announced that one building in the complex — known as Building 19 — would be transformed into a 500,000-square-foot space for TAMI tenants.

Also in April, Gap Inc. announced that it would lease 20,000 square feet in Building 4 of the complex. [Crain’s] — Kathryn Brenzel

Correction: A previous version of this story incorrectly identified the size of the retail hub in the headline.

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