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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.

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Inside The Story

RIPCO's Preuss and Schmitz

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition