Madison Realty Capital has parted a redevelopment among industrial offices in Sunset Park.
Nightingale Properties has paid $ 84 million for the Whale Square office building, property records show. Madison bought a 500,000-square-foot property on 14,533rd Street for $ 82.5 million in 2015 as investors sought to transfer industrial real estate in Brooklyn.
Madison was owned by a former torpedo factory relocated according to LoopNet, it will include a fully renovated lobby, new elevators and windows.
Nightingale also took over $ 90 million a loan Madison took out of TPG Capital’s mortgage component in 2018, according to property records. Madison considered handing over the building to a creditor instead of paying off debt and meeting obligations to another investor, Wall Street Journal reported in May. The identity of this investor was never disclosed.
Representatives of Nightingale and Madison were not immediately available for comment on Monday.
In 2016 Urban Soccer signed a lease agreement for 63,000 square feet in the building as its first covered building in the United States.