Industry City Revs Up With Volvo, Porsche Deals For Combined 60K SF

placeholder
placeholder

Learn how to bring any battery back to life again

Placeholder

Courtesy of Industry City

A courtyard at Industry City, a major development in Brooklyn’s Sunset Park

Sunset Park could quickly become Brooklyn’s car dealership hub after two major European car brands signed leases for showrooms.

Porsche signed a lease for 40K SF of showroom and service center space at Industry City while Volvo will take up 20K SF there for a showroom, the ownership group of Belvedere Capital, Jamestown and Angelo Gordon & Co. announced Thursday. Industry City partner and Director of Development Jim Somoza told Bisnow in an interview Friday that more car companies have since contacted his team interested in taking additional space at the redevelopment of the former Bush Terminal.

“They really like the idea of being part of what we’ve created … They really wanted to be a part of it,” Somoza said. “Obviously, we’re known for our food and beverage and our home furnishings in addition to makers, and this was another opportunity to do something of a different offering.” 

The deals are both for 10 years and asking rent was between $45 and $50 per SF, he said. 

Not even 24 hours after the deals were announced, Somoza said he was fielding calls from other dealerships, and he said the ownership group would be open to bringing in other car brands, but not more than a couple. 

Beyond the walls of Industry City’s 6M SF, Porsche and Volvo could make Sunset Park a destination for the auto industry, Somoza said. 

“Car dealerships historically have co-located near each other to make car districts,” he said. “Our plan is not to turn IC into a car dealership district … We may do one or two more, maybe, but that doesn’t mean that there wouldn’t be others in neighboring properties. That would not surprise me.” 

When the dealerships’ broker, Ripco Real Estate Vice Chair Esther Bukai, first approached Industry City about potentially securing a space, the companies liked the idea of being part of the ecosystem of the campus, Somoza said. 

“Especially for Volvo, the demographic is really kind of spot on with what we do being in South Brooklyn,” he said. “If you drive through Park Slope, Carroll Gardens, Cobble Hill … you see Volvos everywhere.” 

Both dealerships are owned by Manhattan Motorcars, he said, and this will be the company’s first location in Brooklyn. 

“After learning what both Porsche and Volvo were seeking for their newest sites —  convenient location, flexible spaces to accommodate the needs of their showrooms, and abundant access to outdoor space for employees — it was apparent that Industry City would be the perfect fit,” Bukai said. 

Learn how to bring any battery back to life again

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*