Singapore sovereign wealth fund GIC has purchased a stake in Sunset Park’s Industry City, Brooklyn, in a deal that puts a valuation of more than $1.3 billion on the ever-growing redevelopment of New York’s largest privately owned industrial property, according to The Wall Street Journal, citing people familiar with the matter.
The project is currently slated to be presented to the City Planning Commission next week, the Journal reported, for rezoning to expand the 16-building campus — owned by Jamestown, Belvedere Capital, and Angelo, Gordon & Co. The project hopes to get approval for new retail, educational space, and the creation of a “Special Sunset Park Innovation District” to design and develop new products. If approved, it would kick off a 12-year, $1 billion redevelopment of the 35-acre campus, and some neighbors fear it will open the flood gates of gentrification activity for the neighborhood, reported NY Curbed.
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