Developers in Sunset Park look to revive industrial area

City and private investors pumping funds into three major industrial sites

TRD New York /
Jul.July 28, 2014 11:00 AM

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


Related Articles

arrow_forward_ios
Tonight on TRD Talks: Putting NYC back to work

Tonight on TRD Talks: Putting NYC back to work

Tonight on TRD Talks: Putting NYC back to work
GIC CEO Lim Chow Kiat with Industry City (Credit: Industry City, GIC)

Singapore sovereign wealth fund buys stake in Industry City

Singapore sovereign wealth fund buys stake in Industry City
Congresswoman Nydia Velázquez, Congressman Jerry Nadler and Council Member Carlos Menchaca (Credit: Getty Images, Google Maps)

Pols pounce as city caves in on Sunset Park property

Pols pounce as city caves in on Sunset Park property
Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

City lets Salmar bring office tenants to Brooklyn industrial property
New York City Councilmember Carlos Menchaca and Industry City (Credit: Getty Images, Industry City)

Sunset Park Community Board divided on Industry City

Sunset Park Community Board divided on Industry City
Dov Hertz and Prologis CEO Hamid Moghadam with 150 52nd Street in Sunset Park (Credit: Google Maps, Proologis)

Prologis buying Sunset Park property teed up as new City Harvest HQ

Prologis buying Sunset Park property teed up as new City Harvest HQ
Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

Industry City gets $720M refinancing
Council member Carlos Menchaca and Industry City (Credit: Getty Images and Wikipedia Commons)

Carpenters vs. activists: Industry City’s $1B expansion brawl begins

Carpenters vs. activists: Industry City’s $1B expansion brawl begins
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...