Commercial Klutch: April Edition
Our masked commercial correspondent gets up to his old tricks again this month…Barney’s Co-op deal good for Two Trees in today’s environment. We hear per foot price well over 60 for a large space @ 194 Atlantic. Strong number. Now let’s see how the breathlessly-awaited store does when they open for fall season. National credit…
Our masked commercial correspondent gets up to his old tricks again this month…Barney’s Co-op deal good for Two Trees in today’s environment. We hear per foot price well over 60 for a large space @ 194 Atlantic. Strong number. Now let’s see how the breathlessly-awaited store does when they open for fall season. National credit and small tenant retail is bubbling again, with new small tenants taking over spaces as failed stores and restos close. Lots vacant and coming vacant, but I think that changes this year.
Prices and taking rents moving north in better Class B and C buildings. 111 Livingston, asking $25 a year ago for built space, is quoting $30 now. A 3-year deal at 32 Court is now near $29 and a fancy 26 Court deal reached $45 because of construction included and harbor views.
You hoping the Watchtower will abandon Brooklyn ? Don’t hold your breath. Too smart to sell cheap in this financing-free world, I betcha they keep residential and office space here for years to come. Their folks like visiting here. Heights small stuff still on the market quietly, big stuff can’t be financed now, so just wait.
The City & State jointly owned 370 Jay Street Transit Authority building needs total renovation – asbestos, column forest, a wreck. TA says spend 185m to do it. Somebody like Walentas or Muss could do it for half that. Much of it 82′ wide perfect small tenant building. What is DTB ? A small tenant market. TA can net lease building out, lease back some space. New private guys spruce up the plaza, add retail. Just don’t let TA or City do it. Their contracting, planning and soft costs are way too expensive. 30% soft costs on big projects. TA, give DTB a break, let go. Do you seriously think that if that subway station was serving mostly W people in Manhattan, it would look like that?
Prior Commercial Klutch Posts [Brownstoner]
brownstones half off – actually the value Watchtower will get will be for buildings, like 360 Furman, than are or can be used for residential, so ‘commercial is dead’ is not only untrue it doesn’t apply. Value is about financing terms, too, which have yet to come back for large deals.
That building on jay Street is a testament to the incompetence of the MTA. The station is a nightmare. I think it is the worst in the entire system. I avoid it at all times.
Horrible, horrible, dysfunctional agency. Mark my words: if anything brings NY down again, it will be the MTA.
“Too smart to sell cheap in this financing-free world”
Ha! Watchtower is going to lose all of their real gains if they don’t take what the market gives them now. Commercial is done.
masked correspondant = BK re vet?
***Bid half off peak comps***
what kind of food BK realestate vet?
MTA building really is a mystery. Should have been rehabbed years ago. It’s in a prime spot, and could have been making money. I remember banking at Citibank when it was still in there. But then, the MTA is notoriously bad at doing well with their assets. They gave away the rail yard. You’d think they had all the money in the world, or something.
We should all go over there and grab a brick and plonk it down at the token booth, and tell them we’re cashing in a piece of the MTA’s assets. That should be worth a year’s Metrocard, at least.
Any word on City Point leasing?
345 adams word is two leases out for food
co-op thing is fun,,, there is a law about that, interesting but trademarked so worth forgetting about
that 370 Jay street building is an embarassment…What a waste and eyesore and a drag on downtown brooklyn.