Commercial Klutch: July Edition
Our masked correspondent gives us this month’s skinny on the commercial real estate market in Downtown Brooklyn and environs….Beautiful buildings? See the newly-built Toren or its neighbor the BellTel Lofts, carved out of the historic telephone headquarters. Visit the latter’s lobby and eyeball that grey marble. Superb…Ugly buildings? See 75 Clinton Street, subject to the…
Our masked correspondent gives us this month’s skinny on the commercial real estate market in Downtown Brooklyn and environs….Beautiful buildings? See the newly-built Toren or its neighbor the BellTel Lofts, carved out of the historic telephone headquarters. Visit the latter’s lobby and eyeball that grey marble. Superb…Ugly buildings? See 75 Clinton Street, subject to the notice posted in its window above. Our first area foreclosure, the 80,000-square-foot office property is for sale. Not sure the numbers work for office rehab and leasing. Does resi work either? Hope it doesn’t just sit….
In rental land, tenants continue to enter the market, taking down space in the Heights and DUMBO. While rents continue to be soft, the last months have seen steady activity. 16 Court has leases out or deals working on two-thirds of its spaces. Recent area deals are in all in the $20’s, with the exception of 333 Adams.
The City of NY Human Resource Administration is reviewing a lease issued for over 300,000 rsf at MetroTech 4, JPMorgan’s Chase’s largest building. Another large lease may happen in the complex, substantially reducing available footage. 470 Vanderbilt, announced here and elsewhere last week, signed a 62,000-rsf tenant. There’s life in the old borough yet. And on Court Street across from the multiplex, Checkers is minting money with cheeseburgers. Wonder if all Five Guys are sorry they passed on that location.
Prior Commercial Klutch Posts [Brownstoner]
ringo, no clearing house but there are a few smaller offices in court/montague area and some in dumbo under 1000 sf kyle@iccws.com is a specialist in that size there just aren’t many available jpmorgan types no interest whatsover
“Driving/walking by Myrtle is scary; it appears as if the thing is going to transform into a robot and attack Downtown Brooklyn” — sounds like someone who did too many illicit drugs.
Ironic that the former Bankruptcy Court (bldg) is now Bankrupt.
The Toren is ugly. Driving/walking by Myrtle is scary; it appears as if the thing is going to transform into a robot and attack Downtown Brooklyn.
does the Masked Correspondent know if there is a clearing house online or otherwise that has sublet opportunities? we need a small office and would love to be in dumbo/brooklyn heights/downtown brooklyn but it’s really hard to find smaller spaces. there seems to be deskspace and then 1500 sq ft and nothing in between. I’d be very happy to do a short term or even month-to-month sublet — do any of these large JP Morgan-type tenants deal with that?