Here are the latest musings from our commercial real estate operative.
Still a huge drag on the Class A market and a negative for Court Street as well, the JPMorgan Chase & Bear Stearns space in MetroTech has been handled ‘strangely’ – worse could be said – by the bank. Failed deal after failed deal. Chase is one of the great employment, philanthropic positives in BKLYN. Yet aren’t helpful to DTB’s fortunes in this matter. Lease that space!

The traditional office market has activated again this fall, with tenants larger than 2,000 SF looking again downtown. With DUMBO’s vacancy rate approaching 2% – gotta be tightest submarket in city – Court Street activity is up, so first quarter 2012 may be decent. Question – how will Court accommodate creative tenants unable to get into DUMBO? Only a couple of the buildings are even trying.

Retail rents rising again, with competition for space now the norm. Long Island Restaurant finally found a tenant who’d “do it your way,” your being the building owner’s wishes, former Nova Zembla space taken, Haystack space lease out, fancy hair place for Cadman side of 205 Montague, TD Bank going to Flatbush Avenue.

Sad about Tio Pio offering sale of business at Court & State. Unsustainable rent. We told landlord to put in modern Chinese food, like a healthy noodle parlor. To pay the rent, need to cover movie theater folks and foot traffic seeking affordable, healthy take home food. Some good news – DTB on the verge of Hamburger Heaven – interior of Shake Shack underway. Time for A DTB Burger Open pitting Shake against Mortons, Smashburger, Jake’s Wayback, Five Guys, Grand Canyon and more. Our Borough President can preside over several foodie judges. How about that?


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