March 6, 2017
In December 2016, Jamestown Properties sold a 711,000-square-foot “creative office” property in the Long Island City neighborhood of Queens for $255 million.
That’s more than three times what Jamestown paid for 31-00 47th Ave. just four years before, according to “Creative Office Projects: Adaptive Reuse Generates Staggering Returns for Investors,” a new report from Transwestern.
“Rising land, building and construction costs – especially in hot neighborhoods – may add more risk when compared to a few years ago,” said Sandy McDonald, co-author and director of research in Chicago for Transwestern.
The report also details the redevelopment in Twitter NYC, which sold in 2014 for more than quadruple its price before renovation, along with redevelopments now underway at the Brooklyn Navy Yard and at Brooklyn’s Watchtower Building.
Photo: The Watchtower Building in Brooklyn, NY
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