Presented By: Madison Capital
Why Liberty Bklyn is Delivering on Brooklyn’s Industrial Needs
In the past few years, the appeal of industrial property has dramatically shifted across the country. The acceleration of e-commerce is reshaping the character of industrial space, especially in New York, where Brooklyn is leading the way in dynamic spaces that empower growth. As the nature of logistics evolves, and retailers and fulfillment conglomerates look to trim their delivery timelines to New York City, the largest population center in the country, having a footprint in the city’s most populous borough is proving to be a necessity. As a result, the Brooklyn industrial market is seeing a modern renaissance.
About 3.5 million square feet of industrial construction is currently underway throughout the outer boroughs, according to Cushman & Wakefield. Of that total, the highest concentration of projects is rising in Brooklyn: nearly 1.8 million square feet. It’s no surprise that real estate investors and end-users are setting their sights on Brooklyn and its waterfronts. Brooklyn — and Sunset Park, specifically — is perfectly situated for delivery traffic to much of the five boroughs, Long Island and New Jersey. Similarly, it offers manufacturing and office space where companies can find expansive leases to facilitate all of their operations under one roof.
As developers scramble to chase this trend, Liberty Bklyn stands ready to welcome tenants into its functional ecosystem of growing companies and brands. The 1.3 million-square-foot building at 850 Third Avenue in Sunset Park features 180,000 square foot floorplates — some of the largest in NYC — and recently underwent a $130 million renovation that preserved its rock-solid bones, while installing state-of-the-art infrastructure and creating expansive floorplates for an array of industrial and office tenants.
Robust infrastructure, unique waterfront location, connected community
Liberty Bklyn can accommodate space needs from 9,000 to 180,000 square feet in a variety of configurations. The property easily answers the needs of companies involved in production, manufacturing, logistics, last-mile, and research and development. Liberty Bklyn’s 60,000-square-foot ground floor loading area, with 18 loading docks and three additional, full drive-in doors, is well-suited for fulfillment centers and urban delivery. Its upper levels, with double-height operable windows and 100% fiber-optic cabling for high-speed connectivity, are optimal for production, manufacturing, creative tenants and active warehousing. Three separate building entrances (including a private lobby), 18 brand-new elevators, and adjacent parking provide a calm and distanced experience around the building.
Tenants in place now enjoy the professional atmosphere along with the property’s amenities. Liberty Bklyn’s retail atrium offers a convenient mix of retailers providing one-stop shopping for the Sunset Park community. Housewares brand Bed Bath & Beyond, electronics shop Micro Center, and popular eatery Table 87 are just a few of the retailers at the building. Atop Liberty Bklyn sits New York’s largest rooftop farm operated by Brooklyn Grange. The 3.2-acre farm includes a brand-new event space with spectacular views of the city, the harbor, and the namesake Statue of Liberty.
Current Liberty Bklyn tenant Prose is a popular ecommerce company that was seeking a productive environment to quickly grow their business. As a personalized hair care brand, Prose needed strategic space to manufacture, store and ship their customizable products.
“Liberty Bklyn has helped to empower our growing operations through its flexible, innovation-forward space that prioritizes high-quality infrastructure and robust loading capabilities,” said Cyrille Deschamp, Vice President of Finance and Operations for Prose.
Taking space at Liberty Bklyn can offer sizeable incentives. The property benefits from a payment in lieu of taxes (PILOT) program that minimizes taxes for years to come. Incoming tenants may also be eligible for credits from the Relocation and Employment Assistance Program (REAP), the Industrial Business Zone (IBZ), and the Industrial & Commercial Abatement Program (ICAP), among others.
Brooklyn has proven resilient throughout the pandemic, retaining residents, particularly in key industrial waterfront neighborhoods like Sunset Park and Red Hook, and many companies are finding benefits in having operations closer to where employees live. Businesses are also preferring larger floorplate buildings, where employees can spread out within the workplace. These kinds of considerations are helping companies attract and retain talent as they scale. Liberty Bklyn is poised to elevate this rebounding workforce, with its footprint in one of the borough’s most industrious neighborhoods.