Navy Yard-Adjacent 47 Hall Street Will Undergo Renovations Into New Office Space

Existing studios and office rentals at 47 Hall Street (between Park and Flushing Avenues) will undergo renovations to become brand-new “modern, creative office space” for the area’s booming tech and manufacturing industry, reports Crain’s, which notes the building is under contract to be purchased for $160 million by RXR Realty and Westbrook Partners.

The improvements will include extensive renovations and the creation of ground-level outdoor areas and terraces for tenants.

The building is the second property that RXR Realty, the owner of trophy Manhattan properties, including the Starrett-Lehigh Building and 75 Rockefeller Center, has acquired in Brooklyn. Last year, it purchased a long-term leasehold on 470 Vanderbilt Ave., a large office property near the Barclays Center.

Other nearby sites for new office space include 29 Ryerson Street and a WeWork coworking space inside the Navy Yard.