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July 14, 2016 Comments Off on Madison Realty Snags Brooklyn Industrial for $37M, Plans $20M Renovation Views: 207 California News, National News, New York, Northeast

Madison Realty Snags Brooklyn Industrial for $37M, Plans $20M Renovation

Madison Realty Capital paid Hampshire Cos. $37.5 million to buy a pair of former industrial properties totaling 130,000 square feet in Sunset Park, Brooklyn. The Manhattan-based buyer plans a $20 million capital expenditure to renovate the vacant properties at 341 and 353 39th St. into office space.

The properties are south of the 6-million-square-foot Industry City, a transformed office complex that helped make Sunset Park a destination for creative firms and manufacturers. Josh Zegen of Madison Realty Capital said the two just-acquired properties will provide smaller floorplates, offering tenants a boutique alternative to Industry City.

“If you’re a smaller tenant and you want to have your own floor, this property is going to be attractive,” he said. “Not every tenant wants to be in a mega-complex.”

Read More at Crain’s New York Business

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