Industry city in collective of 16 factories located in Brooklyn in the western edge. Industry city is the largest privately own industrial complex in New York City. Industry city is lead by managing partners Jamestown, Belvedere Capital and Angelo, Gordon & Co, Andrew Kimball is the CEO of Industry City. Industry city is proposing to “rezone its campus, which at six million square feet is already the largest privately owned industrial complex in New York City. As part of its ongoing $1 billion plan to reshape the property, Industry City rezoning proposal seeks to create 1.3 million square feet of new commercial and industrial space by allowing its owners to erect several new buildings that will also house hotels, an academic campus, retail spaces, and parking.” This will bring new jobs into the area, The economy and industry in Brooklyn will grow. The downside to this is industry city will be bringing in more people, tearing down existing buildings therefore destroying the history of sunset park. In addition “Industry City have helped to spur a wave of real estate speculation throughout the neighborhood, where rents and home prices have skyrocketed. Local residents are fearful that these new proposed changes would supercharge the gentrification which is already threatening to engulf the neighborhood.” The more people work around the area the higher the rent will be. This will force people who already live in industry to city to move, the cost of living will increase, and the area will be populated even more.
