Developer of Chelsea Market to Buy Massive Industry City Complex in Brooklyn

East
Tuesday, August 20, 2013
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Industry City (Courtesy of Bush Terminal/Industry City)

Industry City (Courtesy of Bush Terminal/Industry City)

In recent years, Brooklyn’s waterfront has morphed into a breeding ground for start-ups, tech agencies, and boutique manufacturing. Now the massive Industry City complex in Sunset Park could emerge as the next creative hub in the borough joining other booming neighborhoods to the north such as DUMBO, the Navy Yard, and Williamsburg. Crain’s reported that Jamestown Properties, a real estate management and investment company, which owns Chelsea Market and the Milk Studios Building in Manhattan, is teaming up with Angelo Gordon and Belvedere Capital to purchase the sprawling 6.5 million-square-foot Industry City site.

(Courtesy Bing Maps)

(Courtesy Bing Maps)

The developers hope to turn the 17 buildings on the property into a mix of office, studio, and warehouse space to accommodate a variety of uses including local manufacturing, media, and film and television. A 50,000-square-foot space in Industry City is already home to Makerbot, the company that manufactures 3-D printers.

Jamestown has hired Andrew Kimball, who recently stepped down from his post as CEO and President of the Navy Yard, to run the new Industry City complex when it is complete. Kimball has been instrumental in reviving the 300-acre, city owned shipyard into a flexible workspace for for urban manufacturing, media, and the arts.

Several of the buildings were damaged from Hurricane Sandy and will require substantial repairs. Michael Philips, Chief Operating Officer of Jamestown, said that they might need to spend hundreds of millions to rehabilitate the buildings on the property.

Industry City (Courtesy of Bush Terminal/Industry City)

Industry City (Courtesy of Bush Terminal/Industry City)

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