(Read more on the industrial market.)
BROOKLYN, NY-Time Equities Inc. and the Brooklyn EconomicDevelopment Corp. have been pegged to redevelop Federal Building #2here. The New York City Economic Development Corp. appointed thejoint venture to work on the 1.1-million-sf building that is one ofthe city's first mixed-use light manufacturing and retaillocations. The project will cost $205 million.
Federal Building #2 is situated between Second and Third avenuesand 30th and 32nd streets in Sunset Park here, and sits on a314,000-sf parcel. The JV has proposed to redevelop the eight-storybuilding for light manufacturing use on the top floors and retailshowrooms on the bottom floors. Additionally they will build aretail center and adjoining 100,000-sf parking lot.
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