The Real Deal New York

Jamestown, partners to propose Industry City hotel

Developers plan to announce $1B in new funds to refurbish complex
March 06, 2015 03:15PM

Jamestown Properties, Belvedere Capital and Angelo, Gordon & Co. — a partnership that bought a large stake in Industry City two years ago — plans to ask the city for permission to build a hotel at the waterfront industrial complex in Sunset Park.

The group is also set to announce on Monday that it has raised $1 billion for improvements to the facility, Crain’s reported. It will also ask the city to address improvements needed in the surrounding area, including the Gowanus Expressway.

“We all want something to happen with the Gowanus Expressway,” said Carlo Scissura, president and CEO of the Brooklyn Chamber of Commerce. “We would love Third Avenue to be brighter and safer and more bike-friendly.”

Scissura also added that a hotel could benefit the area as it becomes a more active and populated office and manufacturing neighborhood.

The partnership purchased a 60 percent stake in the 32-acre facility in 2013, and has since invested $100 million for improvements to the buildings. Last year, the Brooklyn Nets signed on to move their training facility to the complex. [Crain’s] — Tess Hofmann