sunset-park-industry-city-082013

Chelsea Market developer and owner Jamestown Properties and two partners are in contract to buy a stake in Sunset Park’s waterfront manufacturing and artist loft complex Industry City, Crain’s reported. The former chief executive of the Brooklyn Navy Yard, Andrew Kimball, who left the Yard for Jamestown earlier this year, will become chief executive of the complex, according to the story. The complex, also known as Bush Terminal, has 17 buildings over 6.5 million square feet, and is owned by Industry City Associates, according to the company’s own web site. “The deal appears to be a bet that the emergence of Brooklyn as both a hip global brand for food, culture and merchandise, and the headquarters of a homegrown manufacturing movement in the city that has transformed spaces like the Brooklyn Navy Yard will continue to scale up. The city-owned Brooklyn Army terminal, just south of Industry City already boasts dozens of tenants in its 4 million square feet of space,” said Crain’s. Or, in the words of Jamestown’s chief operating officer quoted in the story, “there’s a variety of different uses, from food manufacturing to clothing to technology to media that all want to come together and be near each other where their creativity feeds off of one another in this kind of space. The definition of manufacturing has changed and there’s a broader base of tenants who can use these types of spaces.” The complex was damaged by Hurricane Sandy. About 60 percent of the space is currently occupied, much of it for storage. Jamestown said it would invest in renovations. The story did not say whether plans are afoot to introduce retail or community space into the mix. The deal is expected to close in October.

Chelsea Market Owner Bids for Stake in Brooklyn Site [Crain’s]
Photo by Industry City Associates


What's Your Take? Leave a Comment