Commercial Klutch: July Edition

The Deep Throat of Brooklyn commercial real estate provides another stream-of-consciousness monthly report…Down in DUMBO the key market bellwether around here – two of the three real commercial office and studio space landlords are leasing up space rapidly, with a 50% decline in availability from the beginning of the year. Deals from high teens to mid-twenties. Only 10 Jay can’t see to get much done, due to very high loss factors, only one passenger elevator and infrastructure issues.

Taking bets on time sidewalk bridge stays up at 50 Court. Was over four years at 16 and was not a code installation, had to be completely replaced by new owner.
Did 50 Court dare to do non-code bridge across street from BK DOB? Wondering…..

Major discount retailer taking space in DTB. Guess who…Toys R Us likely doing pop-up on Jay Street. Noodle parlor is best idea for former Martinelli space. We told that to the Landlord…..

Sunset Park Waterfront space picking up steam, with new windows in at 220 36th Street creative building, and spaces leasing slowly but steadily. A number of owners in the area have done code and non-code divisions of space so many more smaller spaces, as in Gowanus, are available. Sunset is generally priced below Gowanus, in mid to low teens. For lower prices, go to Redhook, which has limited inventory but low prices due to limited transport options.

Amazed that folks still opening restaurants. Guess it’s a combo of vacant spaces available with kitchens, urge to gamble as it is still possible to hit jackpot, way to launder money and irrational exuberance.

Prior Commercial Klutch Posts [Brownstoner]
Photo by DumboNYC