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Development Watch

The redevelopment of the Brooklyn Navy Yard could be having a spillover effect. A company called Ryerson Equity is in contract to buy a nearby eight-story warehouse at 29 Ryerson Street, plus an adjacent lot on Flushing Avenue, in Clinton Hill with the intent to convert it into a 200-room hotel. The ground floor would be retail, two floors would be a gym, and the hotel would have a rooftop bar. [The Real Deal]