Madison Realty Capital (MRC) announced this week that it has purchased 29 Ryerson Street across the street from the Brooklyn Navy Yard for $45 million. MRC, an institutionally backed real estate investment firm focused on real estate equity and debt investments in the middle markets, was able to acquire the property in an off-market transaction based on a direct relationship with the seller; terms of the deal were not disclosed. The vacant eight-story loft property previously traded hands in 2013 when 11-45 Ryerson Holdings LLC purchased it for $26.25 million with aims to convert it for hotel, retail and offices uses, according to a report from The Real Deal. Prior to 2013, the property had been owned for decades by 29 Ryerson Street LLC, an entity whose principal also controls the sole occupant of the building, a storage outfit called Total Records.
"The acquisition of 29 Ryerson illustrates how MRC is able to utilize local market knowledge and the firm's vertically integrated structure to capitalize on an investment opportunity born out of fundamental changes in the office market. Rising rents and the lack of large, classic industrial spaces throughout Manhattan has changed the value proposition and driven tenants to look elsewhere for space. With our in-house design and construction team, we will be able to accentuate the distinctive attributes of 29 Ryerson and bring a truly unique space to market," said Joshua Zegen, Co-Founder and Managing Member of MRC. "We're excited about the investment and the opportunity to participate in the transformational change that the neighborhood is experiencing."
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