New York City Economic Development Corporation and Representatives Nydia Velasquez and Congressman Jerrold Nadler have named Salmar Properties as the developer for Federal Building #2, a vacant 1.1 million-square-foot 1916 warehouse building in the Sunset Park area of Brooklyn, previously used by the Department of the Navy and last occupied in 2000. Plans call for the building, in an area bound by Second and Third avenues and 30th and 32nd streets, to become a state-of-the-art industrial center in what Mayor Michael Bloomberg has dubbed the Southwest Brooklyn Industrial Business Zone.
Salmar is owned 49.5 percent by Marvin Schein’s investment firm Schein Family Partners, 49.5 percent by Selim Rusi’s S. Rusi Family LLC. and 1 percent by an entity of which Schein and Rusi are 50 percent stakeholders. Salmar will have a deed restriction for 30 years, limiting most of the building to light industrial use.
“We… look forward to renovating and improving the site so that we can begin renting to light industrial users,” Marvin Schein told The Real Deal. “We believe that such a site will encourage a return of manufacturing to the area and provide much needed jobs.”
EDC says the project will generate around 1,300 permanent industrial jobs and 400 temporary construction jobs.
“By activating a long-vacant building on the Brooklyn waterfront, the redevelopment project that NYCEDC has helped secure represents an important step forward in the Bloomberg administration’s efforts to stabilize and expand the critical industrial sector,” EDC President Seth Pinsky said in a statement. TRD