BBP Chooses Developer for Empire Stores

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And the winner is….Midtown Equities has been chosen by Brooklyn Bridge Park to develop the long-empty mid-19th century Empire Stores warehouse on the waterfront in Dumbo. The Brooklyn-based developer has already secured commitments for as much as 80 percent of the retail and office space, according to The New York Daily News. West Elm and Etsy are among those vying for space in the 327,000 square foot complex, where rents for office space have already reached $60 a square foot, almost twice the going rate elsewhere in Dumbo. The City hopes the landmarked building will become a hub for tech and artisanal retailers, the story said. The proposals can be viewed online, but they are anonymous. The Daily News did not specify which team represents the winning proposal. Chelsea Market owner Jamestown Properties and Dumbo developer Two Trees were among those who submitted proposals. Midtown Equities, run by father-son partners Joseph and Jack Cayre, owns and manages a portfolio of commercial properties, such as 660 Madison Avenue, where the Barneys flagship is located. It is one of three partners with a 99-year-lease to redevelop and manage the World Trade Center. Income from a 99-year lease on the Empire Stores property will go to park maintenance.

Local Developer Chosen to Transform Brooklyn Bridge Area [NY Daily News]
Proposals for Historic Empire Stores Are Online [Brownstoner]

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