10-85 Irving Avenue ("The Box Factory")

Ridgewood, NY


Property Overview

Brickman entered into a Joint Venture Agreement with Hornig Capital Partners to acquire the fee-simple interest in two buildings located at 10-75 Irving Avenue and 10-95 Irving Avenue in Ridgewood, Queens New York in April 2016. The asset was built in 1929 and consists of two buildings; the first is a single story industrial manufacturing warehouse while the second is a two story industrial manufacturing building with a mezzanine. The combined 90,336 square foot buildings are located along the border of Ridgewood, Queens and Bushwick, Brooklyn in an emerging area with limited space available to meet the demand for industrial, artistic, and flex office tenants.

The Property benefits from being located two blocks from the L train stop at Halsey Street. The L train is the main mode of transportation for people commuting to and from Manhattan, Williamsburg and Bushwick. The L Train has been the main driver of the rapid gentrification and growth of Bushwick as rising rents in Williamsburg has pushed tenants further east.

 

Property type: Office

Investment type: Equity

Size: 65,837 SF

Investment date: April 2016

10-85 Irving Avenue