New York’s Capstone Equities has taken control of the Whale Building in Sunset Park after securing the debt on the 500,000-square-foot structure from TPG Real Estate Finance Trust earlier this year, as reported by Crain’s New York Business.
Capstone emerged victorious at a foreclosure auction for the building located at 14 53rd St., held in August. The firm plans to target flexible industrial tenants and entertainment firms and could consider a child-themed gym or golf simulator for its property. Constructed in 1918 for Whale Oil Co., The 7-story Whale Building is an iconic landmark of Brooklyn.
This move marks another successful acquisition by Capstone Equities that will bring new life to one of Brooklyn’s most beloved buildings while providing employment opportunities to local residents and businesses alike.
