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The gigantic Wallabout property on the corner of Ryerson and Flushing right across from the Brooklyn Navy Yard has been snapped up and will be developed into a hotel as well as retail and office space, according to a story in The Real Deal. Buyer Ryerson Equity of Borough Park is in contract for $26.25 million, according to the story. “The buyer expects to lease three floors to an entity that will operate a 200-room hotel, two floors to an executive suites company, and two floors to a gym, while the ground floor will be retail,” said the paper. “The sale went into contract Feb. 27 and is expected to close in mid-May…The plan also calls for a rooftop deck and bar, to be affiliated with the hotel.” A bidding war increased the contract price slightly above the ask of $26 million. Hotels are going into every Brooklyn neighborhood now; it should be interesting to see what effect this development has on nightlife in the area. GMAP
Clinton Hill Warehouse, Slated for Transformation, in Contract for $26M [TRD]
Huge Industrial Site for Sale in Wallabout [Brownstoner]


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