Manufacturing

Industry City

Industry City’s Proposed Rezoning Will Include Retail, Two Hotels, But No Dormitory, Greenwood

A year ago, news broke that Jamestown, Belvedere Capital, and Angelo Gordon announced plans to infuse $1 billion to renovate and redevelopment parts of the the 16-building, six-million-square-foot industrial complex, dubbed Industry City, located west of the Gowanus Expressway, in Greenwood. Crain’s now reports the developers are scrapping plans to build a 150,000-square-foot student dormitory at the 32-acre site. The complex’s proposed rezoning still includes the construction of significant retail space and two hotel buildings. Renovation work currently under way includes new windows, elevators, and interiors, and the complex is presently home to manufacturing uses and office space of a variety of sorts. The developers expect to begin the city’s Urban Land Use Review Procedure (ULURP) before 2017.


Long Island City waterfront

City Launches Request For Proposals For Adjacent Long Island City Mixed-Use Development Sites

The New York City Economic Development Corporation (NYCEDC) has launched a Request for Proposals (RFP) for two city-owned development sites adjacent to each other, which total 4.5 acres, at 5-40 44th Drive and 4-99 44th Drive. Politico New York reports that the city is looking for developers to build “at least 300,000 square feet of commercial office or light manufacturing space, up to 1,000 apartments, a school, and a small park.” The site is currently located in a manufacturing district but would be rezoned for a mixed-use project. It currently consists of a single-story Department of Transportation facility, a surface parking lot, and a restaurant (which has a lease that expires in 2017). Proposals are due by May 26, 2016.



23-30 Borden Avenue

Developer Acquires Large Manufacturing Site At 23-30 Borden Avenue, Long Island City

Developer Atlas Capital Group LLC, which done work across the country, has acquired the 276,705-square-foot warehouse at 23-30 Borden Avenue, in southern Long Island City, for $48 million. Bloomberg Business reports the warehouse serves as the home of Fresh Direct LLC, an online grocer, although the company will soon move to a new location currently being constructed in the Bronx. The Long Island City site is located within a manufacturing zone (M3-2) and currently yields 129,847 square feet of additional development rights under current zoning. But that could change if the developer initiates a zoning change or if the city moves forward with a general rezoning of the area, which could possibly allow for residential units to be built in this industrial section. Who is behind Atlas Capital Group, LLC? That will remain a mystery until the sale is complete.


12 Franklin Street

Developer Acquires Commercial Property Within Proposed Williamsburg Enhanced Business District

Simon Baron Development has acquired the two-story commercial property at 12 Franklin Street, in southern Greenpoint, for $24 million, according to The Real Deal. Located six blocks from the Nassau Avenue stop on the G train, the property is within the proposed Enhanced Business District, which would allow developers to trade light manufacturing space for extra office space in the North Williamsburg Industrial Business Zone. Before proposing to build anything, Baron is waiting to see how well the proposed rezoning works. Under current zoning, the property could accommodate a new 55,500 square-foot commercial building, or if community facility space is included, a 133,320 square-foot building.


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