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The owner of the frame three family building at 218 20th Street faced the challenge of having to sell a run-down asset encumbered by multiple violations. The outstanding fines and deferred building maintenance made it impossible for him to achieve a reasonable cash flow or sale to income investors at a price representing full market value for the building.
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Amazon Rumored to Be Looking at Industry City for New… Rumor has it that Amazon is eyeing Industry City as the site of its next logistics facility. Skeptics argue that the story could be a ploy to negotiate a better deal for a new warehouse in Sunset Park, Brooklyn, when their lease expires at Liberty View Industrial Plaza,another industrial complex next…
Brownfield designation good news for Brooklyn industry Brownfield designation good news for Brooklyn industry On December 17 of last year, the New York Department of State designated a 721-acre area in North Brooklyn’s Industrial Business Zone (IBZ) which stretches from eastern Greenpoint into parts of East Williamsburg and Bushwick as a new Brownfield Opportunity Area (BOA). The BOA…
Industry City Poised To Take First Steps Toward Rezoning -… Industry City is continuing its efforts to expand. An application to rezone the massive waterfront space was recently filed with the Department of City Planning, as first reported by The Real Deal. The plan is for a 10-year, $1 billion redevelopment that would increase the area’s total usable square footage from 5.3 to…
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