220k square feet of office space to open adjacent to Navy Yard

A long time warehouse at 29 Ryerson St, which sits just off Flushing Avenue, across the street from the Navy Yard, has been acquired for $26 million.

The building will be rehabbed for office space, with retail on the ground floor meant to serve both the new tenants and those working in the Navy Yard. The new property will open up 220,000 more square feet of office space in the Brooklyn Tech Triangle, an area where popular commercial properties have waiting lists.

Get more details from Crain’s.

An entity called 11-45 Ryerson Holdings LLC, has acquired an eight-story, 200,000-square-foot warehouse at 29 Ryerson St. across from the Brooklyn Navy Yard for a little more than $26 million, according to the Manhattes Group, a brokerage that arranged the transaction.

The deal is the latest sign of growing interest in Brooklyn industrial and warehouse properties by both manufacturers and office users. In the case of 29 Ryerson, the new owner plans to pour millions of dollars into converting the property to an office building, according to Alan Shmaruk, a principal at the Manhattes Group.

“This investment is about the tech boom and the way it is spilling out over into Brooklyn,” Mr. Shmaruk said.

According to a listing by Manhattes, which brokered the deal, the property has six loading docks, three freight elevators and eight floors. While there is no convenient subway stop, the site does have 7,000 square feet of parking and convenient access to the Brooklyn-Queens Expressway.

The property also has roof access, with a view of Manhattan.