Est4te Four seeking partner for Red Hook waterfront complex

Italian firm wants $100M for 49 percent stake in office project

New York /
Aug.August 17, 2015 03:20 PM

The Italian firm planning a sprawling office complex along the Red Hook waterfront is seeking a partner willing to invest upwards of $100 million into the project.

Milan-based Est4te Four is looking to sell a 49 percent stake in the planned 1.2 million-square-foot complex known as Red Hook Innovation Studios. Upon completion, the project would be the largest block of newly constructed office space available for rent outside Manhattan.

Est4te Four plans to spend $400 million on the five-building development, which could break ground next year when leases at the existing warehouses and parking lots on the site expire, according to Crain’s. The firm, which also has projects in Los Angeles, London and Milan, spent roughly $61 million over the past three years assembling the Red Hook site.

A Cushman & Wakefield team led by Bob Knakal is marketing the minority stake in the project. The development would cater to creative, fashion and tech tenants that have increasingly looked to Brooklyn in recent years – leading to a wave of office developments in the borough, such as the 6 million-square-foot Industry City in nearby Sunset Park. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
55 Bay Street in Red Hook and Brookfield Properties CEO Brian Kingston (Google Maps, Brookfield)
Brookfield pays $45M for Red Hook Amazon facility
Brookfield pays $45M for Red Hook Amazon facility
688 and 702 Court Street, Brooklyn with Madison Capital managing partner Richard Wagman (Google Maps, Madison Capital)
Madison Capital snatches up Red Hook industrial sites for $45M
Madison Capital snatches up Red Hook industrial sites for $45M
Jeff Bezos of Amazon, Joe Sitt of Thor Equities and an aerial of the Red Hook site. (Getty, Thor, Google Maps)
Thor Equities nabs financing for Amazon warehouse in Red Hook
Thor Equities nabs financing for Amazon warehouse in Red Hook
From left: BSA chairwoman Margery Perlmutter, DRAW Brooklyn founder Alexandros Washburn, New York City Council Member Carlos Menchaca with renderings of the project (Photos via the City of New York, LinkedIn and Arquitectonica)
How a Red Hook developer circumvented the City Council
How a Red Hook developer circumvented the City Council
TRD's Erik Enguist and Port Authority's Rick Cotton
Port Authority, out $3B, has waterfront land to sell
Port Authority, out $3B, has waterfront land to sell
TRD's Erik Enguist and Port Authority's Rick Cotton
Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Carroll Gardens and Flatbush in Brooklyn (Photos by Steven Pisano via Flickr; Mrbrklyn via Wikipedia; iStock)
Brooklyn’s most and least expensive neighborhoods
Brooklyn’s most and least expensive neighborhoods
Fairway in Red Hook (Google Maps)
Food Bazaar to take over Fairway’s Red Hook, Queens locations
Food Bazaar to take over Fairway’s Red Hook, Queens locations
arrow_forward_ios

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

Loading...