Commercial Klutch: October Edition
Our masked correspondent is back with the commercial dish… The beautiful building that should have won the Chamber’s Building BK Awards Preservation category this year doesn’t great retail make. BellTel’s ground space goes begging – spaces too big for Willoughby Street, too ‘off Fulton’ in a near death national tenant market. Changed brokers…. we’ll see….
Our masked correspondent is back with the commercial dish…
The beautiful building that should have won the Chamber’s Building BK Awards Preservation category this year doesn’t great retail make. BellTel’s ground space goes begging – spaces too big for Willoughby Street, too ‘off Fulton’ in a near death national tenant market. Changed brokers…. we’ll see. On the other hand, 345 Adams in great demand, with a top landlord and broker holding out for quality and a complimentary use. They’ll get it. An Apple Store location if there ever was one. If only Mac was attacking….
Is the HRA ever going to sign the 4 MetroTech lease? Is deal dead? Hear it is very very cheap….. After decades of neglect landlord JPDay gut rehabbed 186 Joralemon, sold 16 Court and are repairing and cleaning the attractive 44 Court façade. Take care of those buildings please. We are replaceable, they are not. SLGreen already spent more money tuning up 16 Court than JP did in all the years they owned it. Pays off 16 was bought over 25% vacant, will go below 8% this year.
Huge lease this year by NYC Housing Authority at The BOX, 470 Vanderbilt. 62,000 rsf in the mid-twenties, built. Gets them out of crap multi-floor space, too. Two Trees holding onto their face rents in mid-twenties, but with some concessions. Have a lease out on a great 5000 in 45 Main….Cool tenants keep coming. Former Boar’s Head space on the market direct. Landlord blowing off callers we hear. That $140 a foot deal (and days) are long gone. Rough. Burgers booming at Checkers so I imagine fast food will replace the elegant but bland Martinellas.
‘Mall’, movies and munchies.
Glad Armando’s back. Good food. Head to head with BG. Crime if lobster sign not part of BK Heights forever…write your councilmember. After that, walk downhill to Dumbolio and try Rebar at 147 Front. Good food, lots of noise. So you can get hammered among friends Superfine, Rebar and 68 Jay saloon all within one block. While you are there check out the Guttman’s 147 Front/68 Jay 2nd/3rd floor set up around and above Rebar. Truly fine use of brick & timber commercial.
Prior Commercial Klutch Posts [Brownstoner]
With national credit tenants barely making a sound i think they’ll have to accept what the area needs, a food market…
rents have fallen so far in retail, painful for owners
great for tenants
Any hope for Forte retail? It’s now on its 3rd broker (Winick).
HRA may not move to 470 Vanderbilt and hasn’t set a final location. Lots of cheap space in lower Manhattan…..
City does what it wants to do.
I heard HRA is also moving to 470 Vanderbilt. Don’t know if it is the same unit that planned on moving to MetroTech. Interesting that GFI–I think that’s the new owner–has been able to sign leases there after the previous owners would or could not.
Oh, by the way, Klutch out of date a bit. HRA deal for MetroTech 4 is dead.
The MTA, one of the largest land owners in the City, won’t let go of 370. Should be preserved, retailed and reno’ed for small office tenants. Arguable a historic structure designed and built by the State.
what about the TA building on Jay? eyesore with lights on 24 hours a day ever costing money, empty and an eyesore.
Big sore thumb in downtown….dragging the area down.
what about the TA building on Jay? eyesore with lights on 24 hours a day ever costing money, empty and an eyesore.
Big sore thumb in downtown….dragging the area down.
Great news that 345 is in high demand, and holding out for quality.
Next, the municipal building, and 111 Livingston should convert to ground-floor retail. Foot traffic in this area is off the charts.