Federal Building #2 For Sale Once More
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…
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]
FOR SALE is not really the term of art here. EDC wants a proposal reflecting City desire for economic development of site involving industrial and other uses. There is little value in the site, given need for complete new systems and low rents that will be paid for industrial and craft space.
Residential is not on the table and never will be on this side of the highway.
I’m going to turn this into a condo development. Who’s with me?
It’s certainly an attractive building. Hope that whatever use it is put to enables people to appreciate it (at least more than can be done by driving past on the Gowanus, which is admittedly my experience of it).
Who does Number 2 work for?????
Leave it as manufacturing, already. We don’t need no mo stinking retail.
Home prices in 20 US cities rose for fifth consecutive month.
Whoever ends up taking this building over, I suggest they not market it as “number 2”.