Partnering with Rockwood Capital and HK Organization, Midtown Equities will restore seven historic warehouses and expand the existing structure at 55 Water Street, near Brooklyn Bridge Park. The $150 million waterfront project will have 380,000 square feet of LEED-certified cultural, commercial and retail space.
Located in Fulton Ferry Historic District, the ancient Empire Stores building used to be a coffee warehouse. Architect Jay Valgora of Studio V Architecture will design the development, which will feature a Brooklyn-centric museum and outdoor public space, including a rooftop terrace with unobstructed views of the Manhattan skyline.
“After the Brooklyn Bridge, the Civil War-era Empire Stores is the most iconic structure on the Brooklyn waterfront,” Valgora said in a statement. “Our design will restore buildings that have sat empty for a half century, adding a rooftop garden, museum, and dramatic glass courtyard addition that reconnects the community to the waterfront.”
Dumbo-based West Elm has just inked a 20-year lease for 150,000 square feet at the property for a new expanded office, as well as retail spaces for West Elm and West Elm Market stores.
The project is slated to begin in early 2014.
Rendering: Brooklyn Bridge Park via NYDN