Real estate

Empty warehouse near Navy Yard sells at nearly $20M profit

In 2013, 29 Ryerson Street was acquired for $26 million. Last month, it sold for $45 million. Call it a proximity-to-Brooklyn-tech bonus.

29 Ryerson St. Photo by Brady Dale, 9/12/13

There’s a lot of reasons why a large building across the street from the Navy Yard could look appealing for a real estate investor looking to profit off the technology expansion in Brooklyn. Companies could locate there and get access to Navy Yard companies, without having to locate inside a gated community. Proximity to the residential neighborhoods of Fort Greene and Clinton Hill and decent access to Dumbo are also perks.
In 2013, we reported that 29 Ryerson Street had been acquired for $26 million. Since then, the building has been sold again to Madison Realty Capital, for $45 million. In between, the tenant at the time of purchase, Total Records, has vacated the building and it was delivered empty.
With a $19 million profit made in about a year-and-a-half for simply clearing a building out, it’s a sign that demand for office space here is strong.
We’re reached out to Madison Realty Capital for more details on plans for the space. It’s at an interesting nexus point for the neighborhood. Despite a somewhat desolate, industrial feel, the beginnings of a street-level commercial area are underway.

Companies: Brooklyn Navy Yard
Series: Brooklyn

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