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.
Madison Realty Capital
Madison Realty Capital has acquired the vacant 29,000-square-foot lot at 69-02 – 69-08 Queens Boulevard, in Elmhurst, for $14.75 million. The purchase is the first of five properties that are currently being assembled for a mixed-use development, according to The Real Deal. Three other properties – the two-story structure at 46-12 70th Street, the single-story warehouse as 69-39 47th Avenue, and the restaurant at 69-20 Queens Boulevard – are currently in contract to be sold by their respective owners. The fifth property is a two-story cultural center at 69-23 47th Avenue. The single property Madison owns can accommodate roughly 145,000 square feet of development, but if successful in acquiring the entire assemblage, the developer could build a nearly 358,000-square-foot project. At that point, Madison plans to take a mixed-use rental project through the city’s Urban Land Use Review Procedure (ULURP).
WeWork rolled out its big plans for a 16-story office building in the Brooklyn Navy Yard last summer. Now a smaller developer hopes to build a three-story office and retail project at 256 Flushing Avenue in Wallabout, across the street from the yard.
Madison Realty Capital has closed on the seven-story, 400,000 square-foot industrial building at 14 53rd Street, in Sunset Park on the waterfront, for $82.5 million, according to Crain’s. The building, located four long-blocks from the R train’s 53rd Street stop, is being renovated to accommodate office and manufacturing tenants. The renovations will include exterior and interior upgrades, as well as a roof deck.
Back in 2012, the LPC approved plans for a 12-story, 14-unit mixed-use building at 688 Broadway, in NoHo, and now Curbed has spotted the project’s teaser site, which comes with a rendering of the entrance at…