Sunset Park
In the search for more affordable real estate in Brooklyn, house hunters are pushing deeper into the borough, eyeing neighborhoods with a more traditional vibe, the New York Times reported. Buyers looking for relative affordability are skipping over pricier areas like Park Slope, Boerum Hill and Williamsburg, and purchasing in places such as Sunset Park, Kensington/Ditmas Park, Crown Heights and Bushwick. [more]
David Maundrell and Sunset Park
Artists are flocking to Sunset Park to work in the commercial lofts being offered on the cheap at Industry City as the neighborhood’s real estate prices remain relatively inexpensive, the Wall Street Journal reported. One-bedroom pre-war apartments typically sell for $200,000 and 1,000-square-foot, three-bedroom apartments go for around $350,000. [more]
Industry City in Sunset Park
Cheap rents and an abundance of loft space are luring new businesses to Sunset Park, Brooklyn, Crain’s reported. For example, 60,000 square feet of industrial space in the neighborhood’s historic waterfront warehouses on 36th Street is being marketed for $20 per square foot by Jon Brooks, an independent broker who said he is pitching the space for recording studios, concert venues and rehearsals. He will also offer tenants free build-outs. [more]
Two Brooklyn tenants are suing their landlord, saying their eviction from the apartment they share due to pet ownership is invalid, the New York Post reported.
Susan Kane and Tom Fletcher, residents of a rent-stabilized building in Sunset Park, claim their landlord, Sahit Hadzovic’s bid to evict them is about rent, not their two cats, bird and goldfish, the Post said. [more]
Bush Terminal
On the same day Industry City Associates issued a statement that 40 acres of affordable multi-use industrial space had come online at Industry City at Bush Terminal, Fitch Ratings downgraded a $2.6 billion pool of commercial real estate loans issued by Greenwich Capital Commercial Funding and led by a loan backed by the Bush Terminal waterfront complex.
Last Friday, Fitch cited lower occupancies at Brooklyn’s Industry City complex, the Sunset Park creative enclave which comprises 40 acres of Bush Terminal, following a default on $300 million worth of loans in January 2011. [more]
Industry City at Bush Terminal
A whopping 40 acres of affordable, multi-use industrial space has just come online at Industry City at Bush Terminal, a “creative enclave” in Sunset Park, Brooklyn, according to a statement today from the building’s owner, Industry City Associates.
The 60 units can be customized and range from 616 to 980 square feet. In addition to creative tenants, the space is suitable for technology and manufacturing tenants, as each unit has its own circuit breaker, allowing for a variety of uses, including those that require heavy electricity consumption, the statement said. [more]
Fifth Avenue Committee, a non-profit for community development, and Neighbors Helping Neighbors, a U.S. Department of Housing and Urban Development-certified counseling agency in Sunset Park, Brooklyn, are forming a strategic alliance, the organizations announced today.
As The Real Deal previously reported, the two entities have worked together previously, opening Red Hook Homes, an $18 million, 60-unit mixed-income co-op in Red Hook two weeks ago, which FAC developed and for which the two partners worked to advise 40 low- and moderate-income, first-time buyers.
The partnership will mean a new home for NHN’s homebuyer education and mortgage counseling services at the FAC Center for Community Development at 621 DeGraw Street and Fourth Avenue. — Katherine Clarke… [more]
Port Authority of New York & New Jersey Executive Director Chris Ward offered somewhat of a strange proposal for the Brooklyn waterfront and Governor’s Island yesterday during a visit to the Time Warner Center at Lincoln Square, the New York Observer reported, calling for the relocation of the Red Hook Container Terminal, currently located at 70 Hamilton Avenue in Red Hook, to Sunset Park.
To fix Governor’s Island, you must first fix Red Hook, he suggested. “Red Hook is in the wrong location if Governors Island is to succeed,” he said.
In Sunset Park, the shipping capacity would be insulated by Industry City, Ward said, and there it could connect with a trans-harbor freight rail tunnel. … [more]
The New York State Supreme Court appellate division issued a decision yesterday stating that the city can proceed with the 2009 rezoning of the Brooklyn neighborhood of Sunset Park, Crain’s reported.
The city rezoned a 128-block area in Sunset Park in 2009, putting 50-foot height limits on side streets, but allowing for taller residential projects on Fourth and Seventh avenues. Opponents of the changes — residences, churches and the non-profit Chinese Staff and Workers’ Association — said that the rezoning would displace the area’s low-income families, and filed in New York State Supreme Court against the city’s Planning Department, claiming that the department had not conducted environmental reviews required for zoning changes.
… [more]
[Updated at 4 p.m. with comments from Salmar's Martin Schein] The U.S. General Services Administration has completed the sale of Federal Building #2 in the Sunset Park area of Brooklyn to the New York City Economic Development Corporation for $9.1 million, according to public records filed with the city today.
The site of a former navy building was transferred to the EDC before being eventually sold to Salmar Properties on the same date. Salmar will redevelop the 1.1 million-square-foot warehouse building into a state-of-the-art industrial center. The deals both closed Aug. 15. Construction will start at the site in one to two weeks, Salmar executive Martin Schein told The Real Deal. In May, EDC announced that it had selected Salmar to develop the site which spans Second and Third avenues and 30th and 32nd streets, located in the Southwest Brooklyn Industrial Business Zone, across from the South Brooklyn Marine Terminal. – Katherine Clarke… [more]
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