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Owners of Red Hook Commercial Lofts Seek $60M in Sale
JLL Capital Markets was retained to sell 160 Van Brunt St., a 119,000-square-foot commercial loft building in Brooklyn’s Red Hook section. The owners, LIVWRK and FM Capital LLC, expect offers north of $60 million for the mixed-use waterfront property.
A former marine repair facility, 160 Van Brunt offers upwards of 25-foot ceilings andhas been updated to appeal to a variety of tenants. It also benefits from an Industrial and Commercial Abatement Program abatement that reduces the taxes payable on the property.
Recently, tenants including Tesla, Starbucks and New York University have signed 80,561 square feet of new leases at the property. “The property’s location on the Red Hook waterfront positions the asset for strong appreciation,” said JLL’s Ethan Stanton.
Stanton is marketing the property with JLL colleagues Brendan Maddigan, Stephen Palmese; Winfield Clifford, Michael Mazzara, David Giancola and Michael Lipman. In addition, the firm’s Mark Fisher provided financial advisory services.
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- ◦Sale/Acquisition
