NEW YORK CITY-A 113,000-sf concrete-and-steel industrial building in the Williamsburg section of Brooklyn has changed hands in a transaction valued at $26 million. The new owners plan to convert the six-story property into residential condominiums, capitalizing on Williamsburg-Greenpoint zoning changes that have transformed Brooklyn's waterfront into a much-desired residential market.
The deal was arranged by Kalmon Dolgin Affiliates' Neil Dolgin and Howard Darsi, who represented both the seller, Hope Street Realty, LLC, and the buyer, Hope Street Ventures, LLC in the transaction. The building is managed by KND Management, the management arm of Kalmon Dolgin Affiliates, Inc. Kalmon Dolgin Affiliates will act as consultants to current industrial tenants throughout the transition process.
"This Hope Street warehouse presents an incredible development and residential opportunity in a neighborhood known for its sprawling views of the East River, small neighborhood feel and proximity to Manhattan," Dolgin says. "Citywide housing programs and rezoning efforts allow New York-area developers to utilize a wide array of programs and incentives as the residential market heats up."
Located near to the Brooklyn-Queens Expressway and the Williamsburg Bridge, the property is accessible by car, subway and bus. "Warehouses present an incredible conversion opportunity as quality residences in the New York-area become harder to find."
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