Wallabout Warehouse Trades Again: Madison Pays $45 Million
The industrial warehouse at 29 Ryerson across from the Navy Yard in Wallabout has changed hands yet again, nearly doubling in price. Madison Realty Capital paid $45,000,000 for the storage facility, according to The Real Deal. The previous owner, 11-45 Ryerson LLC, now revealed to be headed up by real estate investor Chaim Miller, bought…
The industrial warehouse at 29 Ryerson across from the Navy Yard in Wallabout has changed hands yet again, nearly doubling in price. Madison Realty Capital paid $45,000,000 for the storage facility, according to The Real Deal. The previous owner, 11-45 Ryerson LLC, now revealed to be headed up by real estate investor Chaim Miller, bought it in 2013 for $26,400,000.
It sounds like plans to redevelop the property into offices focused on tech tenants with retail below have not changed. “We are planning on renovating and bringing it to the level that a tech tenant would demand,” a Madison exec told The Real Deal. At one time, former owners planned to turn it into a hotel with a rooftop bar. Madison is also developing two large mixed-use apartment buildings nearby at 490 and 504 Myrtle Avenue, as the story noted.
Madison Buys Brooklyn Warehouse for $45 Million From Chaim Miller [TRD]
29 Ryerson Coverage [Brownstoner] GMAP
Any reasonably smart “tech tenant” will want a location with subway access. Good luck, and I could be wrong, but that lack feels like a serious challenge to success.