Conversion planned for warehouse.

In a transaction valued at $26 million, Kalmon Dolgin Affiliates' Neil Dolgin and Howard Darsi have arranged the sale of the 113,000 s/f, six-story concrete and steel industrial building located at 59-65 Hope Street in the Williamsburg section of Brooklyn, NY.

The new owners plan to convert the property into residential condominiums, capitalizing on Williamsburg-Greenpoint zoning changes that have transformed Brooklyn's waterfront in to a hot residential market.

Dolgin and Darsi represented both the seller, Hope Street Realty, LLC and the buyer, Hope Street Ventures, LLC in the transaction. The property is managed by KND Management, the management arm of Kalmon Dolgin Affiliates, Inc., which will also act as consultants to current industrial tenants throughout the transition process.

"This Hope Street warehouse presents an incredible development and residential opportunity in a neighborhood known for its sprawling views of the East River, small neighborhood feel and proximity to Manhattan," Dolgin commented. "Citywide housing programs and rezoning efforts allow New York-area developers to utilize a wide array of programs and incentives as the residential market heats up."