The 1.1-million-square-foot warehouse known as Federal Building #2 is looking for a new owner. Plans to revitalize the 1916 building, built near the Sunset Park industrial waterfront area for the US Navy, fell victim to the financial downturn of the past year. In February, Time Equities abandoned its 2005 plans to develop the site into a $205 million retail, commercial, and light industrial complex. The city’s Economic Development Corp. has put the property on the market again, Crain’s reports, this time seeking more manufacturing and distribution center use, rather than retail and commercial ventures. The building is owned by the federal government, and the winner of the proposals will buy it from the feds through the city. The deadline for submissions is Feb. 12, and the city expects to choose a developer in the late spring.
New Bids Sought for Vacant Brooklyn Warehouse [Crain's NY]
Time Equities Bails on Bush Terminal Plans [Brownstoner]
Time Equities’ Other Big Project on Waterfront [Brownstoner]