Wallabout Warehouse Complex to Become Hotel

The gigantic Wallabout property on the corner of Ryerson and Flushing right across from the Brooklyn Navy Yard has been snapped up and will be developed into a hotel as well as retail and office space, according to a story in The Real Deal. Buyer Ryerson Equity of Borough Park is in contract for $26.25 million, according to the story. “The buyer expects to lease three floors to an entity that will operate a 200-room hotel, two floors to an executive suites company, and two floors to a gym, while the ground floor will be retail,” said the paper. “The sale went into contract Feb. 27 and is expected to close in mid-May…The plan also calls for a rooftop deck and bar, to be affiliated with the hotel.” A bidding war increased the contract price slightly above the ask of $26 million. Hotels are going into every Brooklyn neighborhood now; it should be interesting to see what effect this development has on nightlife in the area. GMAP
Clinton Hill Warehouse, Slated for Transformation, in Contract for $26M [TRD]
Huge Industrial Site for Sale in Wallabout [Brownstoner]