An old ship-engine repair building in Red Hook will be renovated and turned into store and office space for “creative office and retail tenants,” The New York Observer reported. LIVWRK, the real estate investment and development firm that is also a partner with Kushner Companies and RFR Realty in transforming the Watchtower printing plant buildings into office space for creative and tech companies in Dumbo, bought the building Tuesday for $21,500,000.
LIVWRK plans to completely renovate the interior of the 98,650-square-foot industrial building at 160 Van Brunt Street. Fewer than 10 tenants remain in the building, which was sold by Golten Marine.
“The New York shipping industry has slowed down considerably over the last decade or so,” said an agent with TerraCRG, which brokered the sale. “The need to have a large engine repair shop in New York wasn’t as great as it was before. They were able to move a lot of the equipment and the people to other locations.”
Do you think this will be a good use for the building?
LIVWRK Buys Red Hook Building From Ship Repair Company for $21.5 Million [NY Observer]
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