Masonry and building materials provider F. Ranieri + Sons Corp., which has owned 185 Second Avenue in the Gowanus section of Brooklyn for more than a century, will close its doors and rent the building out, Commercial Observer has learned.
The owner of the F. Ranieri + Sons Corp., Frank Ranieri, has decided to retire but will continue to manage the property between 14th and 15th Streets, according to brokerage Kalmon Dolgin Affiliates.
American Tool & Equipment Rental, a new company, has signed a 15,000-square-foot lease with Ranieri to occupy the 5,000-square-foot, one-story industrial building and 10,000 square feet of land on the site. The asking rent in the 15-year deal was $20 per square foot.
“American Tool & Equipment Rental was seeking a property that offered a combination of building and yard space to accommodate its construction equipment, as well as for use as a showroom and maintenance and repair center, and 185 Second Avenue came on the market at the perfect time,” Neil Dolgin of KDA said in a prepared statement.
James Dario Jr. of KDA represented both Ranieri and American Tool & Equipment Rental in the transaction. The equipment rental company is planning to move into the property by Jan. 1 after F. Ranieri + Sons Corp. vacates.