Italian Firm Gives Up On Huge Red Hook Office Project, To Sell Properties
Italian developer Est4te Four has sold six industrial buildings in Red Hook where it once planned an ambitious office conversion.
Est4te Four sold the six properties, which were to be called Red Hook Innovation Studios, to the Englewood, New Jersey-based Sitex Group for a reported $110M. Sitex plans to keep the six sites — including 202 and 242 Coffey St., 68 and 100 Ferris St., and 219 Sullivan St. — as industrial, the Commercial Observer reports.
Est4te Four's office plan, initiated by its $66M purchase of the sites in 2014, was to renovate the 170K SF warehouse at the red-brick 202 Coffey and construct new office buildings at the other addresses. It sought a $100M investment for a proposed $400M project, but never moved past the planning phase in an area more than a mile from the nearest subway stop and with precious little office uses in the immediate area.
Sitex plans to "reposition and "modernize" the industrial sites, its principal, Brian Milgram, told the Commercial Observer. While the Milan-based firm may have given up on Red Hook office, Thor Equities still has a 600K SF office project nearby in its pipeline.