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Clinton Hill Storage Facility to be Class A Office Space

March 11, 2015
 Looking north from Clinton Avenue through the main gate of Brooklyn Navy Yard on an early springtime afternoon. Photo by Jim Henderson

Looking north from Clinton Avenue through the main gate of Brooklyn Navy Yard on an early springtime afternoon. Photo by Jim Henderson

A 215,000 square-foot building across the street from the Brooklyn Navy Yard was purchased by Madison Realty Capital for $45 million for the stated purpose of turning it into Class A office space.

The property is located at 29 Ryerson Street and is a vacant, eight-story loft warehouse in Clinton Hill. The developers plan to market the office space as an affordable alternative to other areas of Brooklyn. Built in 1951, the owners would like to see high-tech firms and other creative types of businesses housed on the property.

Some of the enticing features of the building are 15+ foot-high ceilings, three-side exposures providing great light and air circulation. The building has 440 feet of exposure on Ryerson, and an additional 110 feet on Flushing Avenue, making this a great location for the growing retail marketplace in the area.

“Rising rents and the lack of large, classic industrial spaces throughout Manhattan has changed the value proposition and driven tenants to look elsewhere for space. We’re excited about the investment and the opportunity to participate in the transformational change that the neighborhood is experiencing,” said Joshua Zegen, co-founder and managing member of MRC.

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