FOR IMMEDIATE RELEASE
LIBERTY BKLYN HIRES PINNACLE REALTY TO LEASE INDUSTRIAL SPACE
Newly Repositioned Sunset Park Waterfront Facility
Offers Abundant Workspaces, Extensive Amenities and
Attractive Location for Brooklyn-Based Teams
NEW YORK – July 22, 2020 – Madison Capital and Salmar Properties are pleased to announce the hiring of Pinnacle Realty of New York as the exclusive brokerage for industrial leases at Liberty Bklyn at 850 Third Avenue in Brooklyn. Pinnacle, a leading commercial real estate brokerage specializing in New York City’s outer boroughs, brings an impressive track record of success as it begins leasing the 1.3 million-square-foot, mixed-use facility (formerly known as Liberty View industrial Plaza) on the Sunset Park waterfront. The Pinnacle team will be led by Partners David Junik and Steve Nadel, as well as Associate Broker Nechama Liberow and Salesperson Mark Caso.
“Pinnacle is a leading New York brokerage player with extensive experience and deep knowledge of the Brooklyn industrial market,” said Jonathan Ratner, Managing Director, Madison Capital. “We look forward to working with Pinnacle’s team to lease Liberty Bklyn and continue creating dynamic spaces for growing businesses in Sunset Park.”
A Strategic Workplace for the Post-Covid-19 Environment
The office and industrial building has remained fully operational through the pandemic, with multiple industrial tenants continuing to work safely and successfully. The building’s massive floorplates allow for proper distancing and space-planning measures. Common areas are also optimized for distancing, with three lobbies (including a potential private lobby), 18 elevators and 17 loading docks that provide spacious options and minimized interaction with others if desired. Liberty Bklyn also features operable windows and state-of-the-art, tenant-controlled HVAC designed to maximize fresh airflow. The building, which offers on-site parking, is also a dynamic option for Manhattan-based firms looking to expand operations to Brooklyn, where many employees may live.
“Liberty Bklyn offers industrial tenants tremendous upside to scale their businesses and drive continued growth,” said Junik. “The diversity of spaces, along with the building’s robust infrastructure and amenities, are optimized to empower efficiency. The location offers a range of logistics and transportation options in a major metropolitan commercial hub, ideal for industrial tenants and tenants looking for offices closer to where employees live.”
Adjacent to Industry City, Liberty Bklyn was recently redeveloped for industrial and office use, with new features including a 3.2-acre Brooklyn Grange rooftop farm, a 386-spot parking lot, a 60,000-square-foot ground-floor loading zone, 17 loading docks and three additional full drive-in doors, 18 brand-new elevators, three office lobbies, on-site dining, reinforced floor loads ranging from 200 to 500 pounds per square foot, new energy-efficient windows, new electrical and HVAC systems, a backup generator and superior and redundant fiber optic infrastructure. The building also offers one of the largest floorplates in New York City at 180,000 square feet.
As part of Madison Capital’s recent recapitalization of the property and role as manager, the firm plans an active repositioning and marketing effort to reintroduce the property to the market. For the first time, there will be up to 360,000 square feet of multi-tenant office space with units as small as 10,000 square feet available at the building and approximately 500,000 square feet of industrial space for tenants of varying sizes. The firm is initially pre-building 180,000 square feet of affordable industrial space and will work with the community and local elected officials to attract and support Brooklyn’s small businesses.
With extensive amenities, robust in-place infrastructure and a prime waterfront location in Sunset Park, a neighborhood that has become a major hub for technology, logistics and other industrial and commercial uses, the building provides tangible benefits to companies seeking high-quality space at a competitive price-point. Economic incentives include a PILOT (Payment in Lieu of Taxes) program to reduce tax exposure significantly, credits from the NYC Relocation and Employment Assistance Program (REAP), the Industrial & Commercial Abatement Program (ICAP), the Industrial Business Zone (IBZ) Relocation Tax Credit and energy management programs, all of which reduce occupancy costs and empower business growth. In offering aggressive market economics and tenant improvement allowances, Madison Capital stands to attract a diverse tenant base to the building and further the story of this exceptional property.
About Madison Capital Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically since the firm’s inception in 2002 to over $3.1 billion of current assets under management. For more information, please visit the firm’s website at mcapny.com.
Sarah S. Berman
The Berman Group, Inc.