Westbrook Partners and Invesco Real Estate are among the bidders for a 550,000-square-foot warehouse at 47 Hall Street in Wallabout, The Real Deal reported. Management could be planning an overhaul of the building, which is known for its artist studios and Open Studios events.
Currently housing mainly small, commercial tenants paying comparatively affordable rates of $6 to $8 per square foot, ownership is no longer renewing leases, according to The Real Deal. At the much larger but otherwise similar Industry City, investors have been bringing in larger tenants at higher rates.