Gowanus warehouses to become 200K sf office project

Developer Industrie Capital Partners took over trio of properties through a 99-year ground lease

New York /
Oct.October 31, 2016 08:30 AM

Developer Industrie Capital Partners plans to turn three warehouses in Gowanus into a 200,000-square-foot mixed-use office project.

Industrie, led by Eli Hamway, is redeveloping three adjacent buildings at 94 Ninth Street, 75 10th Street and 98 Ninth Street into office space, the Wall Street Journal reported. The developer plans to dedicate roughly 20,000 square feet to retail and food options for the office tenants, which will likely be located in the one-story building. Architecture firm Morris Adjmi is designing the redevelopment, which will restore the exposed brick and timber beams of the early-20th-century buildings.

“This building has so much character and charm,” Hamway told the Journal.

The buildings previously served as warehouses for the Roulston grocery chain. Most recently, the buildings were used as practice space for working musicians. Flood Music Studios rented out 94 Ninth Street, a space it had occupied the space for more than a decade when the landlord terminated its lease earlier this year.

Industrie took over the property in April 2015, paying $21.2 million for a 99-year ground lease, city records show. Taking the lease into account, the office project is expected to cost $90 million. [WSJ] Kathryn Brenzel 

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NYC Commercial Sales Transactions Price
Jan 1st 2011 to Oct 1st 2016 6,000 $500
Jan 1st 2004 to Dec 31st 2010 6,000 $500

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