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Clinton Hill’s Chocolate Factory Rentals Go on the Market
Hodges Ward Elliott is marketing the sale of a residential property located at 275 Park Ave., also known as the Chocolate Factory, within the Brooklyn Navy Yard neighborhood. The prewar Clinton Hill property’s name stems from its former identity as a Tootsie Roll factory before conversion to residential use in 2002.
A Hodges Ward Elliott team of Will Silverman, Paul Gillen and Daniel Parker is representing sellers Brickman and HK Organization. The asking price on the property is in the high $60-million range, or about $450-per-square-foot.
Reportedly the only doorman property within walking distance of the Navy Yard, 275 Park includes 123 rental apartments along with ground-floor retail. Along with cash flow, the property offers a value-add upside in that its next owner can reposition the un-renovated units and add amenities.
The Navy Yard complex is projected to add 10,000 more jobs by the end of 2020.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
