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.
The Hall Street facility consists of a complex of 13 buildings constructed in 1912, according to data accessed via Reonomy.
The bidders are vying for what is likely a relatively small stake in the building. In total, 47 Hall is potentially worth upwards of $300,000,000, according to the Real Deal.
Located just south of the Brooklyn Navy Yard, the building is currently zoned for manufacturing and light industry use.
Map via Reonomy
[Source: TRD | Photo: Scott Binter for PropertyShark]
Editor’s Note: a prior version of this story incorrectly stated that Westbrook Partners and Invesco Real Estate were also investors in Industry City. This is not the case.
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