Commercial Klutch: January Edition
Our masked correspondent provides his first monthly update of the new year…After four years of looking to buy a DTB building, the Transit Workers Union appears to have let a great deal slip through their grasp at 350 Livingston (photo). $30mm contract out, with heavy owner financing and huge buyer cash. We hear they couldn’t…
Our masked correspondent provides his first monthly update of the new year…After four years of looking to buy a DTB building, the Transit Workers Union appears to have let a great deal slip through their grasp at 350 Livingston (photo). $30mm contract out, with heavy owner financing and huge buyer cash. We hear they couldn’t really part with the money, internal issues.
In a sign of retail resurgence, brown paper up all over windows in DTB and surrounding ‘hoods, as failed stores are more quickly replaced than in past years. Many tenants in the market now. Where does all this risk money come from?
38,000 foot deal in One Metro Tech is medical back office, as Crains reported. Sublet from Chase for Bear Stearns space. Crains didn’t quote rent. We bet $26-28 range at best. Always good to have a big taking at MT.
Tenant growth is the best story in DUMBO. Increased demand from existing tenants for more space. Great business cycle sign, as dumbo is mostly business services tenants, which means businesses and individuals buying their services!
Speaking of money, Whole Foods just has to develop that site! They are in over $37 million, between land purchases, legal/development/community costs and major environmental cleanup.
Prior Commercial Klutch Posts [Brownstoner]
as for reporting crack, where did you first hear about how much Whole Foods had invested in site? Where did you first hear about dead deal for 350 Liv? Be nice…
Wagon, point well taken. Dumbo – the largest landlord there had 65 units a year ago, and added at least 30 by renovating a new floor and turnover. They managed to lease 75 units in 13 months. A pace you won’t find anywhere else in boros. That is what is hot.
Brown paper means stores, instead of sitting vacant for months, are now quickly snapped up, all over the area, way beyond DTB. The medical office deal is quite specific, location, pricing, size of taking. 40,000 sf in BK is top ten in size for year in BK or QNS. This ain’t manhattan.
This ain’t aimless at all, demonstrating progress on all fronts in all markets.
All markets have turned in this area, believe it or not.
this post says very little in concrete information. DUMBO is hot! Brown paper is up! Non-specific medical offices!
Next time, try a little more reporting and less aimlesss cheerleading. DTB has a long ways to go and pretending that brown papered windows bring good tidings is incredibly naive.
i heard the Bear Stearns sublet was under 15 a foot