Commercial Klutch: January Edition

Our mysterious masked commercial correspondent gets up to his old tricks this month…
Retail is coming back, with national credit tenant again exploring our fair borough. Rumours of a restaurant complimentary to Morton’s Steakhouse coming in right next door, modern youth chain store coming to Fulton, H & M store construction plan above the Hoyt 2/3 stop on the Transit Authority medieval rack (in both senses painful and also slow), major discussions for Citypoint site.

Landmark Arby’s? Only in BKLYN, right?

16 Court Street going from typical JP Day 25% vacancy rate when they owned it to under 10% rate due to massive SLGreen investment and effort. Even in this market, Brooklyn’s availability rate is below most every metropolitan area in the USA. NYC Department of IT said to be onto huge high tech space in MetroTech. City of New York taking advantage of down market to grab space, here and across the river. Lease prices steady for over six months in a row in most area sub-markets.

A bit off my patch yet one is delighted to see the drilling equipment on Flatbush Avenue by the closing of that pesky left turn onto 5th/Pacific southbound. Couple years we’ll see the Knicks lose on Atlantic Avenue. Too bad Freddy’s won’t be there for the fan bar fights…Every other bar in the area pouring gold from the tap will take it home too.

News of all the Manhattan style high rise apartment houses leasing up I bet they slow down at 75% or so. With the constant turnover they’ll be plenty of units available for some years to come, I believe.