The Real Deal New York

The New York City Economic Development Corporation has taken the first step toward revitalizing a 1.1 million-square-foot warehouse in Brooklyn’s Sunset Park neighborhood. The space has sat vacant since past developer, Time Equities, backed out of its agreement with the city to revamp the site earlier this year, The Real Deal reported, as the recession took its toll. The company had been planning to revitalize the warehouse, transforming it into a $205 million retail and commercial space. Now, the EDC has submitted a formal request for developers’ bids. Seth Pinsky, president of EDC, said that timing was crucial in the group’s decision to renew its search for a developer. “Rather than work with the federal government to find a user at a fire sale price, we decided to wait till the market improved and go out with a new [request],” Pinsky said. “We’ve heard from a number of parties who have expressed interest. We think that this is a unique opportunity, one that we hope developers will seize upon.”