RXR Realty and Westbrook Partners are moving forward with their plan to convert over 500,000 square feet of warehouse space at the edge of the Brooklyn Navy Yard into a trendy office property.
RXR , headed by Scott Rechler, filed an application with the Department of Buildings to begin construction work converting the 528,301-square-foot warehouse into office space, according to public records filed Thursday.
The plans also include retail space and a gym on the first floor, as well as office space on the roof. The construction work at the eight-story building is expected to cost a little more than $22 million, documents indicate.
RXR and Westbrook teamed up last year to buy the building from a partnership of Rubin Schron’s Cammeby’s International, Eli Fruchthandler and Bruce Federman for $161 million, as The Real Deal first reported.
The partners then turned to Barry Sternlicht’s Starwood Capital Group for a $90 million acquisition loan and an additional $71 million to cover redevelopment costs.