NEW YORK CITY-The owner of the Chelsea Market in Manhattan is leading a partnership that is in contract to acquire a stake in Industry City, a 30-acre industrial and warehouse complex in Sunset Park.
Jamestown Properties, the owner of Chelsea Market, is part of the partnership that is looking to convert the complex into office, manufacturing and perhaps film production, according to Crain's New York Business.
Jamestown Properties, real estate financiers Angelo Gordon and Belvedere Capital said they are in contract to buy an unspecified interest in Industry City, which totals 16 buildings and 6 million square feet of space.
"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," said Michael Philips, the chief operating officer of Jamestown. "The definition of manufacturing has changed and there's a broader base of tenants who can use these types of spaces."
Jamestown would manage the day-to-day operations. Andrew Kimball, the former chief executive of the city-owned Brooklyn Navy Yard, who joined Jamestown in June, would become chief executive of the property. See story in Crain's New York Business.
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