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Greenpoint Sale Typifies Industrial-to-Retail Conversion Trend
RIPCO Real Estate recently handled the sale of 12 Franklin St. in Greenpoint, Brooklyn for $23 million. The seller was Simon Baron Development. The buyer, Astral Weeks Development, plans to convert the 30,000-square-foot property into a neighborhood retail hub.
This transaction represents the trend of industrial buildings being converted into retail spaces within the neighborhood. RIPCO has been seeing the ongoing trend of industrial buildings being repositioned as high-end restaurants, breweries, galleries and more.
“This flagship mid-markets sale illustrates a green shoot in a development market filled with headwinds; this transaction exemplifies the desire for buyers to focus on highly desirable locations with a longer-term business plan horizon,” said Stephen R. Preuss Sr., vice chairman investment sales. Preuss and VP Kevin Schmitz handled the sale.
- ◦Sale/Acquisition