Italian developer Est4te Four unveiled new renderings and details for its planned 1.1 million-square-foot office complex on the Red Hook waterfront in Brooklyn, with the project recently renamed Red Hook Innovation Studios.
Milan-based Est4te Four is looking for a partner to take a $100 million stake in the development, which would feature office space, a hotel, and a manufacturing center and sales outlet for companies producing food, clothes or furniture.
A former shipping terminal along Bowne Street would be integrated into a landscaped waterfront promenade along the East River, creating a new pier for boats and kayakers, according to New York YIMBY. A parking garage would also feature a landscaped roof that slopes down to meet the promenade.
Est4te Four has spent $61 million assembling properties in Red Hook for the five-building complex, which is expected to cost $400 million and may not break ground until the Italian firm finds an investor willing to acquire a 49 percent stake in the development. A Cushman & Wakefield team led by Bob Knakal is marketing the minority interest.
Rendering of Red Hook Innovation Studios in Brooklyn (credit: RAFT Architects)
Rendering of Red Hook Innovation Studios in Brooklyn (credit: RAFT Architects)
The complex would be unprecedented for Red Hook in its scale and would become the largest block of newly constructed office space outside Manhattan. The development would cater to creative, fashion and tech tenants that have increasingly looked to Brooklyn in recent years — leading to a wave of office developments in the borough, like the 6 million-square-foot Industry City complex in Sunset Park.
Est4te Four launched sales last year at its nearby six-story condo conversion at 160 Imlay Street in Red Hook, with the priciest unit a $3.86 million penthouse. [NY YIMBY] – Rey Mashayekhi