Westbrook, Invesco eye position in huge Brooklyn property

Deal could value 47 Hall Street at north of $300M

TRD NEW YORK /
Sep.September 21, 2015 01:35 PM

Westbrook Partners and Invesco Real Estate are among the investors bidding on a massive industrial building near the Brooklyn Navy Yard in a deal that could value the property north of $300 million.

The institutional investors are vying for what is most likely a minority stake in 47 Hall Street, a 550,000-square-foot warehouse in Clinton Hill owned by partners Bruce Federman, Rubin Schron’s Cammeby’s International and Eli Fruchthandler , sources told The Real Deal.

The deal would most likely be similar to the partners’ more high-profile Brooklyn property, Industry City, where they brought on investors Belvedere Capital, Jamestown and Angelo, Gordon & Co. to infuse cash into a redevelopment of the industrial campus.

A 49-percent stake in 47 Hall could be worth up to $165 million, one source with knowledge of the property said. Much like Industry City a few years ago, the building is mostly occupied by small commercial tenants paying rents of between $6 and $8 per square foot.

The ownership has stopped renewing leases in anticipation of a future overhaul, the source said.

Federman could not be immediately reached for comment. Jamestown’s Andrew Kimball is overseeing the transformation of Industry City after the partners committed $100 million to the first phase of the renovation project.

Westbrook and Invesco have made other large industrial redevelopment plays.  Last month, Westbrook paid $200 million to take a majority position in the 1.1-million-square-foot St. John’s Terminal in Hudson Square. And Invesco is a large investor in Dumbo Heights, a 1.2 million-square-foot Brooklyn complex being developed by Kushner Companies, RFR Realty and Asher Abehsera’s LIVWRK.


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower

Cammeby's International's Avi Schron is spearheading the new lobby group (Credit: iStock)

Rent-law revenge: Big landlord leads effort to punish Senate Dems

2000 Valentine Avenue and 1985 Webster Avenue (Credit: Google Maps)

Investors partner on $170M Bronx affordable housing purchase

From left: Brookfield's Ric Clark, 3333 Broadway and L+M's Ron Moelis (Credit: Brookfield, L+M, StreetEasy)

L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

These were the top 10 outer-borough loans last month

130 Prince Street

Madison Capital buys Soho building for $206M

arrow_forward_ios
Loading...