Masonry and building materials provider F. Ranieri & Sons Corp. which has owned 185 2nd Avenue in the Gowanus section of Brooklyn for more than a century, will close its doors and rent the building out, Commercial Observer has learned.
The owner of the F. Ranieri & Sons Corp., Frank Ranieri, has decided to retire but will continue to manage the property between 14th & 15th Streets, according to brokerage Kalmon Dolgin Affiliates.
American Tool & Equipment Rental, a new company, has signed a 15,000 square foot lease with Ranieri to occupy the 5,000 square foot, one story industrial building and 10,000 square feet of land in the site. The asking rent in the 15 year deal was $20.00 per square foot.
“American Tool & Equipment Rental was seeking a property that offered a combination of building and yard space to accommodate its construction equipment, as well as for use as a showroom and maintenance and repairs center, and 185 2nd Avenue came on the market at the perfect time,” Neil Dolgin of KDA said in a prepared statement.
James Dario r of KDA represented both Ranieri and American Tool & Equipment Rental in the transaction. The equipment rental company is planning o move into the property by Jan. 1 after F. Ranieri & Sons Corp. vacates.