Jamestown-led group seeks gov’t funding for Industry City

New York /
Aug.August 26, 2013 05:34 PM

The investor trio in contract to buy a stake in Sunset Park’s Industry City is making a push for government funding and greater control of the complex.

The developers, the best known of which is likely Chelsea Market owner Jamestown Properties, told Crain’s that they are in the beginning stages of working on a project to get government funding for infrastructure improvements. According to Carlo Scissura, CEO of the Brooklyn Chamber of Commerce, such government money could be used to make a currently temporary ferry stop in Sunset Park into a permanent fixture.

Jamestown, for its part, did not comment to Crain’s about the extent of its involvement in the fundraising efforts or whether its plans would require repairs or updates to public infrastructure at the Industry City site.

Jamestown, Angelo Gordon & Company and Belvedere Capital, meanwhile, are also reportedly in talks with Ruby Schron and the Fruchthandler family, Industry City’s current landlords, for possible control of the site.

Whatever the outcome, the group aims to settle a deal by October, Michael Phillips, Jamestown’s chief operating officer, told Crain’s.

The 30-acre site, an amalgamation of 16 buildings, totals 6 million square feet and will likely be turned into a complex of offices, manufacturing and possibly film production. [Crain’s]Julie Strickland


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