The Real Deal New York

Developers in Sunset Park look to revive industrial area

City and private investors pumping funds into three major industrial sites

July 28, 2014 11:00AM

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From left: Brooklyn Army Terminal, Liberty View Industrial Plaza and Industry City

From left: Brooklyn Army Terminal, Liberty View Industrial Plaza and Industry City

Both the city and private investors have pumped hundreds of millions of dollars into three different Sunset Park industrial sites with the goal of creating a thriving industrial area with affordable rents near residents’ manufacturing jobs. But  reaching this ideal could prove challenging because the area’s infrastructure has been neglected for decades.

A lot of money will be needed to fix the connection between the residential areas and the factories, where residents have complained about poor air quality and limited access to the waterfront.

An important part of Mayor Bill de Blasio’s effort to revive the city’s industrial areas, the administration is planning to pump $100 million into renovating 500,000 square feet of the Brooklyn Army Terminal. Jamestown Properties, Belvedere Capital and Angelo Gordon bought a 49 percent stake in Industry City, a 6 million-square-foot complex based modeled after Chelsea Market.

Medical- and dental-supply company owner Marvin Schein, together with his partner Sal Rusi, invested $80 million into renovations at the two building, 1916-built Liberty View Industrial Plaza. [WSJ] – Claire Moses

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