Madison Capital and Salmar Properties are pleased to announce the tenant signings of Prose, a personalized hair care brand, and IDL Communications & Electric, an electric infrastructure company that works with the MTA and Port Authority of New York and New Jersey, for a combined 40,484 square feet at Liberty View Industrial Plaza at 850 Third Avenue in Sunset Park, Brooklyn.
Prose leased 27,681 square feet of manufacturing space for the mixing and bottling of their made-to-order shampoos and other hair care products. The brand is scaling up from its previous 8,000-square-foot industrial space at Industry City.IDL leased 12,803 square feet of industrial space for the firm’s ongoing infrastructure work in New York City, primarily in electric work for the public sector.
“Prose and IDL are great examples of the diversified tenant mix empoweredto grow operations within Liberty View’s flexible, competitivelypriced offerings of industrial and office space,” said Jonathan Ratner, Managing Director with Madison Capital. “We are excited to welcome Prose and IDL to Liberty View and look forward to their continued success.”
Liberty View Industrial Plaza is a 1.3 million-square-foot, mixed-use facility in the rapidly redeveloping Sunset Park neighborhood. The waterfront building adjacent to Industry City was redeveloped for industrial and office use, with new features including a 3.2-acre BrooklynGrange rooftop farm, a 386-spot parking lot, a 60,000-square-foot ground-floor loading zone, 17 loadingdocks and three additional full drive-in docks, 18 brand-new elevators, three office lobbies, on-site dining, reinforcedfloor loads ranging from 250 to 500 pounds per square foot, new energy-efficient windows, new electrical andHVAC systems, a backup generator and superior and redundant fiber optic infrastructure. The building alsooffers one of the largest floorplates in New York City at 175,000 square feet.
As part of Madison Capital’s recent recapitalization of the property and role as manager, the firm plansan active repositioning and marketing effort to reintroduce the property to the market.For the first time, there will be up to 350,000 square feet of multi-tenant office space with units as small as10,000 square feet available at the buildingand approximately 500,000 square feet of industrial space fortenants of varying sizes. The firm is initially pre-building 175,000 square feet of affordable industrial spaceand will work with the community and local elected officials to attract and support Brooklyn’s smallbusinesses.
With vast amenities and robust in-place infrastructure, in addition to a prime location in an ascendanteconomic and industrial crossroads in Sunset Park, the building provides tangible benefits to companiesseeking high-quality space at a competitive price-point. Economic incentives include a PILOT (Payment inLieu of Taxes) program to reduce tax exposure significantly, credits from the NYC Relocation andEmployment Assistance Program (REAP), the Industrial & Commercial Abatement Program (ICAP), the Industrial Business Zone (IBZ) Relocation Tax Credit and energy management programs, all of which reduce occupancycosts and empower business growth. In offering aggressive market economics and tenant improvementallowances, Madison Capital stands to attract a diverse tenant base to the building and further the story ofthis exceptional property.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically since the firm’s inception in 2002 to over $3.1 billion of current assets under management. For more information, please visit the firm’s website at mcapny.com.
