Commercial Klutch: April Edition
Here’s the latest dish from our anonymous commercial correspondent… Big deals working at the Chase Bank-owned or leased portions of MetroTech campus, with NYU/POLY taking 90,000 rentable square feet at bargain prices, while Feds grabbing a chunk too. JPMorgan has largest inventory in borough but is finally making disposition progress after years of mishandling their…
Here’s the latest dish from our anonymous commercial correspondent… Big deals working at the Chase Bank-owned or leased portions of MetroTech campus, with NYU/POLY taking 90,000 rentable square feet at bargain prices, while Feds grabbing a chunk too. JPMorgan has largest inventory in borough but is finally making disposition progress after years of mishandling their space. With large blocks (over 250,000+) in Manhattan closer to shortage, we expect more good news in DTB. Also, Two Trees popped their prices up a buck, first time in years. Little inventory left.
The Trader Joe’s Effect: Pizza parlor across street paying $140 per for 690 square feet; old Beastly Bite space asking $125.
Mobil gas station site (SE corner, Boerum-Atlantic) said to be in contract. Residential and retail most likely. Across Boerum, rare for DTB, 6,000-square-foot corner piece in brick condo/PetSmart site still available via CPEX.
Office space shrinkage 76 Court is the newest victim of conversion mania, becoming the fifth office building to transition to resi in the last couple years (166 Montague, 75 Clinton, 101 Clinton, 505 Fulton). Court Street Class B and C market still has 15% plus vacancy, though activity trending upwards. Tenants know market has bottomed.
New DUMBO retail study – reported in Eagle and Real Deal – showing limited small space availability points out need for Empire Stores RFP. The Stores are a natural for ground floor retail and collective market/kiosk approach. RFP on hold due to locals who filed a Federal suit over Feds laughably mis-drawn ‘map’ that includes Empire Stores and Galapagos in “public open space” area of park. Huh?
CB2 would rock it, agreed TD
starbucks yes….
Weird! Well, there are four stories to the building. Bed and Bath makes so much sense due to the transit and office/apt dwellers. CB2 would absolutely be on Fulton if they had the right space, I beg to disagree. Could also see a Starbucks pop in, as there is SO much foot traffic, and Starbucks has done well in other similar enviornments (181st)
yeah, i keep saying that. Best Buy wants to be on Mall, too.
Restos can’t afford the rents. Not a nightime dining destination. MANY restos in market, but won’t be Mall unless FF. Bed Bath i heard too.
MOBIL site is supposed to be in contract. Don’t hold your breath.
Gap Outlet almost took Aeropostale site. Gap Outlet, yes.
CB2 would never look at Fulton Street Mall as it exists today.
Bed Bath and Beyond seems like it would be perfect in terms of demographics and filling an under served retail category.
What is CC? Circuit City went out of business. Is CB2/Sephora still considering Fulton St? What about any restaurants looking at the mall area?
CC wants to be on Mall too
also Kohls and Tar-get looking
what did happen to the Mobil site on atlantic/boerum. After foundation poured – all has stopped for quite awhile.
When will resume and completion date?
Gap Outlet? Is there even another of those around? Or do you mean a regular Gap store. I heard Bed and Bath was looking.