The Real Deal New York

Developer sues New York state over Sunset Park land

W601 Companies bought industrial lot for $92M with partner in 2013

August 26, 2016 04:27PM
By Konrad Putzier

Sunset Industrial Park at 75 20th Street in Brooklyn

Sunset Industrial Park at 75 20th Street in Brooklyn

Developer W601 Companies is suing New York state to take control of a sliver of land at its Sunset Park industrial site.

Mark Karasick’s development firm bought the 690,000-square-foot industrial lot at 75 20th Street for $91.5 million in 2013 in partnership with Michael Silberberg’s Berkley Properties.

According to the suit, the fenced-in lot includes two tiny parcels of land that the developers may technically not own: a state-owned 4,400-square foot parcel to the north of the property and another 4,880-square-foot piece of land owned by the now defunct Pier Warehouse Corp.

The developer argues that because the two parcels have been treated as part of the Sunset Industrial Park for 20 years, the state no longer has a right to it. W601 seeks a judgment that New York State “be forever barred from all claim” to the land. The company also filed a complaint of the same nature against Pier Warehouse.

W601 has not filed any development plans, which has as-of-right air rights for a 1.38 million-square-foot building.