By Rich Bockmann, The Real Deal
RXR Realty and Westbrook Partners are moving forward with their plan to convert over 500,000 square feet of warehouse space at the edge of the Brooklyn Navy Yard into a trendy office property.
RXR, headed by Scott Rechler, filed an application with the Department of Buildings to begin construction work converting the 528,301-square-foot warehouse into office space, according to public records filed Thursday.
The plans also include retail space and a gym on the first floor, as well as office space on the roof. The construction work at the eight-story building is expected to cost a little more than $22 million, documents indicate.
RXR and Westbrook teamed up last year to buy the building from a partnership of Rubin Schron’s Cammeby’s International, Eli Fruchthandler and Bruce Federman for $161 million, as The Real Deal first reported.
The partners then turned to Barry Sternlicht’s Starwood Capital Group for a $90 million acquisition loan and an additional $71 million to cover redevelopment costs.
Commercial brokerage JLL, which is handling the leasing effort at the building, was reportedly in talks with the developers over the summer to take space to open an office there.
Published: December 2, 2016
Filed Under: Redevelopment
The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.7 million square feet of commercial operating properties and approximately 6,000 multi-family and for sale units in various stages of development in the New York Metropolitan area as of September 30, 2017, adjusted for transactions through October 18, 2017. Gross asset value is compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.