X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market and multifamily market, click here.)

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.