Commercial Klutch: June Edition
The vast (for Brooklyn) modern MetroTech seems to be following Manhattan down. While there is a 350,000-sf lease out there, we imagine it is cheap space. A recent proposal to a tenant went out under 22 bucks, we hear. Renaissance Plaza/Marriott building at 333 Adams Street (above) just inked a 4,000-sf law firm deal, a…
The vast (for Brooklyn) modern MetroTech seems to be following Manhattan down. While there is a 350,000-sf lease out there, we imagine it is cheap space. A recent proposal to a tenant went out under 22 bucks, we hear. Renaissance Plaza/Marriott building at 333 Adams Street (above) just inked a 4,000-sf law firm deal, a touch under $30 we think. Small space deals rare in Class A here, good catch by tenant. Building nearly 100% leased, too
On the other hand when will the developers of the lovely BellTel Lofts tune up their 141 Livingston Street office building? The Kings Housing Court there was long slated to take the old Family Court space but high schools beat ’em out of it, leaving 141 with a rough tenant. Low rents may put an upgrade on hold for now. 44 Court needs work, too. Exterior is a start, but doubt much else will be done. Hope we are wrong.
Don’t miss the Brooklyn Chamber of Commerce’s Building Brooklyn Awards on July 15th. 9th year of presenting best of Brooklyn buildings for past year, sort of an Emmy’s or Tony’s of development here. Fun, much information and great crowd. Supports Chamber, too.
We guess the Two Trees Natural Food deal at 138 Court is over 30% off the peak rent of 138 asked last winter, but no one is talking.
In a sign that B and C building lease prices are plateauing, 325 Gold got almost 24 a foot for the clock-adorned building’s top floor in that unusual office location. Same building Etsy vacating for Dumbolio. Anything commercial you want to read about? Comment and you shall receive…..
Prior Commercial Klutch Posts [Brownstoner]
Zinka, thanks for update. I am told spaces like these either end up as high end clothing (easthampton bank example) or as event spaces (Bowery Savings into Cipriani on East 42nd).
So event space it is….
138 Court is the retail in the small building next to Trader Joe’s that were part of the deal for the site. Former pet store, UPS store.
138 court? isn’t that space all full up already?
Here’s the link re: One Hanson:
http://www.nypost.com/seven/06252009/realestate/bank_on_it_175918.htm
Hadn’t heard they got a lease at One Hanson.
What news?
Land deal on Atlantic around 110 recently.
Yes, hard to comp. Down 10 to 20% at least.
Very little at all happening i am told.
What is going on with development sites in downtown brooklyn? Has anything traded? what are they going for $/FAR? It seems at the peak in 2007 large sites were going around $130 to $150/SF. How far have land prices fallen? do we even know?
I want the scoop behind the One Hanson event space lease. Was the developer just desperate? Sounds like this won’t bring in that much money for the developer. Any whispers about numbers?
Also interested in rents for generic small storefronts in old buildings. Have they gone down a lot too?