RIPCO Real Estate recently facilitated the sale of 12 Franklin St. in Greenpoint, Brooklyn for $23 million. The seller, Simon Baron Development, entrusted RIPCO with this transaction while the buyer, Astral Weeks Development plans to convert the 30,000-square-foot property into a bustling retail hub for the neighborhood.
This successful deal is indicative of a growing trend in which industrial buildings are being transformed into vibrant retail spaces within this community. As an industry leader and expert in investment sales and leasing services across New York City’s five boroughs and beyond since 1991 , RIPCO has observed this ongoing shift towards repositioning industrial properties as high-end restaurants , breweries , galleries and more.
According to Stephen R. Preuss Sr., Vice Chairman of Investment Sales at RIPCO Real Estate,” This flagship mid-market sale exemplifies a promising development amidst challenging market conditions; it showcases buyers’ preference for prime locations with long-term business strategies.” Preuss along with Vice President Kevin Schmitz skillfully handled all aspects of this noteworthy transaction.
