Looks like it’s getting to be a renters’ market, at least where office space is concerned. The search for more reasonably priced digs has led firms like UniWorld, currently shacking up in an old printer’s loft in western Soho, to downtown Brooklyn, reports the NY Times. Not that there’s a whole lot of it to be had over here. “Although vacancy rates are rising in Manhattan, mostly because of layoffs in the financial industry, office space is actually becoming more scarce in Downtown Brooklyn,” they write. “The vacancy rate there in modern, well-equipped buildings â€” what brokers refer to as Class A office space â€” fell to 7.9 percent in the third quarter, from 9.4 percent in the first quarter.” Still, companies have signed leases for some 300,000 square feet of it this year, out of eight million that we have (Manhattan, on the other hand, has 180 million). And who’s the big landlord welcoming companies to the borough of Kings? “Most of the Class A space is in MetroTech, a large office complex in Downtown Brooklyn that was built by Forest City Ratner from the early 1990s through 2005. The developer owns six office buildings, with 3.7 million square feet, in MetroTech’s 5.2 million square feet. JPMorgan Chase owns the other two office buildings in MetroTech. Forest City Ratner also owns three more Class A buildings near MetroTech, including a 19-story 700,000-square-foot tower called 1 Pierrepont Plaza.”
Office Tenants Flee Manhattan Rents for Brooklyn [NY Times]
Photo by Shouting.
Mrs. Harriet N. Kilmer was furious. The year was 1908. She, her daughter and son-in-law had just lost thousands of dollars in stocks at the brokerage firm of E. F. Hutton, on Wall Street. They had entrusted a great deal of the recently deceased Mr. Charles Kilmer’s family legacy to a man who was an […]
Grocery mogul John Catsimatidis’ real estate firm Red Apple Group has released renderings for 180 Myrtle Avenue, one of at least three large developments, all clustered together, it is building in Fort Greene. NY YIMBY found the renderings, designed by Dattner Architects. The renderings show a large, boxy building whose design elements are formed by intersecting rectangles of […]
A new boutique condo development has hit the market at 1329 East 17th Street in Midwood, with one-bedrooms starting at $399,000. The Graystone has “one bedrooms plus home offices,” according to the Aptsandlofts listing. There are currently five units on the market at the six-story building, which has a common roof deck. Each apartment is about 815 […]
Real estate investment firm LIVWRK Holdings is in contract to buy an industrial building in Red hook for $21,500,000, which it plans to convert into offices and “creative spaces,” The Real Deal reported. The renovated property should be ready for move-in by mid-2015, the firm estimated. Located right at the entrance to the Brooklyn Battery […]
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