Jamestown Properties closes deal for 49.9% stake in Industry City

The deal is done. Jamestown Properties and its partners own 49.9% of Industry City. It isn’t known how much they paid, but it is known the mortgage was worth $300 million. From Crain’s:

In coming years, Jamestown and its partners will need to invest potentially hundreds of millions of dollars more in order to execute their vision of remaking the complex into a focal point for the city’s growing new-manufacturing sector as well as for office tenants who increasingly are turning to Brooklyn for commercial space over traditional central business districts in Manhattan. The buyers’ efforts will be led by a veteran of such transformations, Andrew Kimball, the former chief executive of the Brookyn Navy Yard, who joined Jamestown in the spring.

Industry City was formerly known as Bush Terminal. It sits at 37th Street and 3rd Avenue, in Sunset Park, Brooklyn. Visitors can access it via the D, N or R train.