$26M for Clinton Hill warehouse

Ryerson Equity, a company based out of Borough Park, is in contract to purchase an eight story warehouse building, along with a one-story structure in Clinton Hill. The transaction will cost Ryerson Equity $26.25 million. The plan is to convert the purchased structures into a hotel, retail and offices. The structure at 29 Ryerson Street and the lot next door at 256-266 Flushing Avenue, make up 200,070 square feet that Ryerson Equity will attain. The property is currently owned by Robert Lewis, the owner of Total Records Information Management.

After purchasing the property, the buyer plans to lease. Expectations include a three floor hotel, two floors of offices, two floors to make up a gym, and retail on the ground floor. Sources say that the rooftop will be used for a bar as part of the hotel.

The deal, started February 27, is expected to close in mid-May.