Commercial Klutch: February Edition
Another missive from our masked commercial correspondent… 20 Jay Street, one of the best Brooklyn office properties, ‘grew’ a full office floor last year when the 9th floor was converted from storage space. Corners taken before it opened. View my favorite on the waterfront. Ask why. Ink still went on many typical 1,500-s.f. unit deals…
Another missive from our masked commercial correspondent… 20 Jay Street, one of the best Brooklyn office properties, ‘grew’ a full office floor last year when the 9th floor was converted from storage space. Corners taken before it opened. View my favorite on the waterfront. Ask why. Ink still went on many typical 1,500-s.f. unit deals in 20 Jay, running from low floor $22 per foot up to high floor view $26. Concessions way off from 2009, yet asking or so-called ‘face’ rents generally steady for three or four years. Not up in last boom or down in recent bust. Interesting way to go – creative.
More chain retail tenants in market than large spaces. Back to landlord’s choice. Amount, quality of space tight plus many difficult owners. Overpriced rehabs and huge soft costs – why it takes so long for retail to evolve.
Monster-size Staples coming east side of Jay Street, after lengthy parlay.
Among worst roadblocks to retail: after a multi-year struggle with Transit Authority, H&M site (over Hoyt 2/3) in demo phase as reported by Brownstoner. Years ago, MTA tortured developer of 200 Schermerhorn housing 50/30/20 building that sites over A/C/G at Hoyt. Gov’t claimed that waterboarding project would develop a more streamlined process and procedure. Wuh happened? A tax on all of us.
B & C office space in seismic shift. As creative tenants accept downtown BK as an option, big blocks of space for heavy client-centric users like education and social services shrinking. Atlantic Avenue, Gowanus benefiting. Activity on fringe of prime DTB strong, with action on Gold, Prince, Atlantic Center area. Almost nothing large left for client traffic tenants but 470 Vanderbilt and north Gowanus product. Livingston properties either for sale or under housing conversion microscope. 101 and 75 Clinton, 166 Montague and 505 Fulton all going or gone resi, taking down 300,000 RSF former B and C space. Like taking biggest prewar – 16 Court – off the market.
Prior Commercial Klutch Posts [Brownstoner]
I assumed it was a typo for Klatch. Like Coffee Klatch.
what does klutch mean?
bkre, the liquor store is at Oro.
What’s going on with The Door Store on Atlantic. Been empty forever. Atlantic from Nevins to 4th is a ghost town. Empty storefronts everywhere
Zinka, i am hearing about a market deal at Toren being back on. Court & Adams parcel issue is a hotel is best for site, but hotels not practical to finance now for most developers. Don’t hold your breath.
Pretzel, bstoner.com does a great job on retail stores, not my dept. and…. i write the way i want…. 11201 you are right about 350 seeming unlikely for resi, but two failed office deals plus you never know… i hope it stays office, needed inn the area, once renovated
Zinka – I think I remember a post about a liquor store going into the retail space at Toren.
The latest news on Toren on Brownstoner was “Toren Supermarket Not Happening”. I can’t find any news about what is happening, if anything.
Thanks, Masked.
210 Livingston is a natural for residential, but 350 Livingston? If you’re correct, I would guess (and hope) that a teardown is a likely possibility for that building.
With all that’s going on, seems like it’s only a matter of time before that parking lot between Court and Adams gets sold and developed. Let us know if there’s any word concerning that parcel.
First: please edit your “masked” correspondent. This isn’t WWII- no one is going to intercept this message, so some actual sentences would be nice.
And also, some more info on commercial tenants for the residential buildings are of more interest to most readers, rather than the large business clients signing up for office space, I imagine. We want to know when we’re getting a real grocery store, darnit!