Industry City in Sunset Park landed a $70 million refinancing package on June 3 to convert Building 4 into new creative office space. The deal follows a brisk spring that saw 60,000 square feet of leases signed on the campus.

Industry City’s latest loan, closed June 3 with Bank OZK, will fund the conversion of Building 4 at 67 35th Street into 250,000 square feet of creative offices aimed at tech and design tenants. The project comes as Brooklyn’s commercial leasing scene shows signs of life, with activity on the 16-building campus outpacing the wider borough.

According to Jamestown, the owner and developer, the first half of 2024 brought a flurry of new tenants including media shop Superfly and robotics firm Voodoo Manufacturing, who’ve committed to over 60,000 square feet since March. The campus now claims 93% occupancy across its buildings, up from 85% in late 2022, as reported by commercial brokerage JLL.

Tenants are flocking to Sunset Park for deals on post-industrial space that are hard to match in Manhattan. Jamestown’s leasing director Lauren Danziger told NYC Pulse that startups and midsize firms are “drawn to the energy on campus and Brooklyn’s creative edge.” Asking rents hover around $48 per square foot, roughly 20% below comparable properties in DUMBO.

The new investment signals confidence in Sunset Park’s west waterfront as a business hub. Industry City’s ongoing upgrades include expanded dining halls, a new rooftop soccer pitch, and sustainability retrofits, with the current conversion slated for a Q1 2025 opening.

Frequently Asked Questions

What is being converted at Industry City and when will it open?

Building 4 at 67 35th Street, a former warehouse, is being converted into 250,000 square feet of creative office space. The project is financed with a $70 million loan and is slated to open in the first quarter of 2025, according to Industry City’s owners, Jamestown.

How does new leasing at Industry City compare to recent years?

Industry City’s leasing has surged in 2024, with 60,000 square feet signed in Q2 alone and occupancy now at 93%. This marks a significant increase from 85% occupancy in late 2022, and points to heightened demand for Brooklyn office space post-pandemic.

Who are the new tenants and what do they do?

Recent tenants include Superfly, a media and events agency, and Voodoo Manufacturing, a robotics startup. Both firms are part of a wave of tech and creative occupiers choosing Industry City for its amenities and competitive rents, per leasing director Lauren Danziger.

Frequently Asked Questions

What is Industry City converting with the $70 million loan?

Industry City is converting Building 4 at 67 35th Street into 250,000 square feet of creative office space using a $70 million loan.

When will the new creative office space at Industry City open?

The new creative office space in Building 4 is scheduled to open in the first quarter of 2025.

How much new leasing activity has Industry City seen in 2024?

Industry City signed 60,000 square feet of leases in the second quarter of 2024, with overall occupancy now at 93%.

Who are some of the new tenants at Industry City?

Recent tenants include Superfly, a media and events agency, and Voodoo Manufacturing, a robotics startup.

What are the current asking rents at Industry City compared to DUMBO?

Asking rents at Industry City are about $48 per square foot, which is roughly 20% below comparable properties in DUMBO.

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