Because of the Coronavirus pandemic, many office landlords have experienced a real slow down in Commercial leasing activity.
According to Joseph Hamway of Industrie Capital Partners “ the pandemic has benefited his new project, a warehouse to office and retail conversion in Gowanus Brooklyn." The project called Roulston House, named after Thomas Roulston who used the 2 four story warehouses for his grocery business 100 years ago.
The 2 warehouses located at 124 Nineth Street, between Second Avenue and the Gowanus Canal have been meticulously renovated into 200,000 square feet of offices and retail space. Because of the pandemic, many people no longer feel comfortable taking mass transportation into Manhattan. Companies are looking for office space closer to where their employees live which is often in Brooklyn, New York
Industrie Capital Partners did a full gut renovation of the buildings with new lobbies, new mechanical and plumbing systems, new elevators, new ventilation with CDC rated air filters, 4 roof decks, bike storage and outdoor seating.
The structures are made out of heavy timber and brick. Much of the original wood was restored and repurposed. The architect on this project was Morris Adjmi, SBLM.
One of the new tenants is Mother New York, a media and marketing firm who recently signed a lease for 61,000 square feet for the top 2 floors of the larger building with a portion of the roof deck. On the ground floor, Sixpoint Brewery and Gutter Bowling have taken 23,000 square feet and 13,000 square feet. There is 60,000 square feet of pre built office space on the 2nd floor.
Hamway explains that there are ongoing talks with a London based Food Hall for the ground floor space. Asking rents are $50.00 per square foot.
124 Nineth Street is the first big office project in Gowanus with brand new Class A up to date space. Hamway is hearing from perspective tenants from other trendy Brooklyn, NY neighborhoods like Dumbo for example.
The best of luck to Industrie Capital Partners!
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