Madison Realty Capital has acquired the 10-story, 130,000-square-foot industrial building at 341 39th Street and the neighboring seven-story, 30,000-square-foot industrial property at 353 39th Street, in southern Greenwood Heights (on the border of Sunset Park), with plans to convert the structures into modern office and manufacturing space. The properties traded for $37.5 million, Crain’s reports. The currently vacant buildings would get new lobbies, windows, mechanical equipment such as elevators, amenities, and outdoor space (presumably on the roof). Between the buildings, the floor plates will range from 4,000 square feet to 13,000 square feet. The 36th Street stop on the D, N, and R trains is three blocks to the north. The duo was placed on the market last year with an asking price of nearly $50 million.
353 39th Street
Hampshire Companies has tasked Cushman & Wakefield to market the 10-story, 130,000 square-foot warehouse building at 341 39th Street, and the adjacent seven-story, 30,000 square-foot warehouse at 353 39th Street, located three blocks from the 36th Street stop on the D, N and R trains. The asking price is nearly $50 million, and the site is being advertised as a potential redevelopment, according to Crain’s. The buildings could be converted into office space as-of-right, or a rezoning could be sought for residential use.