Work on one of Brooklyn’s biggest redevelopment projects probably won’t begin for about another year. Back in May, the the city’s EDC announced that a joint venture between Time Equities and the Brooklyn Economic Development Corporation had been selected to redevelop a 1.1-million-square-foot Sunset Park warehouse called Federal Building #2 into a mixed-use light manufacturing and retail complex. The 8-story building, next to the Gowanus Expressway on 3rd Avenue between 30th and 32nd streets, will be gut renovated. Two major hurdles need to be cleared before the rehab begins, however: The property still needs to be transferred from the federal government to the city (which will in turn transfer it to the developers), and the proposal has to go through ULURP. According to Margaret Nelson, director of real estate programs for the BEDC, the federal government will likely transfer the property to the city within the next few months. The proposal is also expected to enter ULURP very soon, said Nelson, and the review process is expected to take between six months and a year. The project will cost more than $200 million and eventually create more than 1,285 full-time jobs, according to the EDC. From what we hear, at least one of the end-uses for the space will be to provide artists and creative professionals with affordable, loft-like space for under $20 a foot. Given the rate at which these folks are being priced out of Greenpoint, Williamsburg and Dumbo, this sounds like welcome news to us.
Press Release on Federal Building #2 [NYCEDC] GMAP P*Shark