Commercial Klutch: November Edition
If lease terms didn’t end at a fixed time, forcing tenants to choose, nothing would be happening right now. We hope the super positive election relieves tenant constipation. Many are holding out as long as they can, watching rents soften and landlord concessions increase. Nimble and flexible owners who can afford to reach do so,…
If lease terms didn’t end at a fixed time, forcing tenants to choose, nothing would be happening right now. We hope the super positive election relieves tenant constipation. Many are holding out as long as they can, watching rents soften and landlord concessions increase. Nimble and flexible owners who can afford to reach do so, thinking it best to make the deal rather than lose it. Do you wanna be feeling like the homeowner asking two million who turns down one-eight-five and sits for six months til the value is one-six? Deals priced in the twenties are coming back to downtown Brooklyn, and not just on the far side of Boerum Place. Would have been $35-40 if 2007 trends had continued…
Good news items not hard to find: for the steak & baked set, Morton’s Steak opens the week before Thanksgiving, much needed for corporate-type entertainment. (Luger is too far to go for lunch and a tough table to get at night.) MetroTech had a good leasing year, doing several prestigious tenant deals in low to the upper thirties per foot with work; 16 Court has important leases out; tenant Working Today/Freelancers Union of 45 Main in Dumbo is taking more space over at 20 Jay, twenty dollar deal we hear we suspect tenant paid work to get that number, as 20 Jay is getting better, having renovated the lobby and added yet another elevator; NY State Department of Labor is taking 52,000 sf at 9 Bond, bringing over 200 workers to the area.
Retail always brings out the comments, so what do folks think of Free People on Smith street. I love the installation; it must have cost way less than all the clothes in stock but looks cool. Does more and more apparel mean the decline of Smith as fun place to hang? Or just a corollary with the fancification Clover Club, Char # 4, Po and such…. Anyone know how the yogurt places are doing on Court? Will do they well in winter or melt?
Commercial Klutch: October Edition [Brownstoner]
Commercial Klutch: September Edition [Brownstoner]
Commercial Klutch: August Edition [Brownstoner]
Commercial Klutch: July Edition [Brownstoner]
That was the Ices place in Windsor Terrace, DIBS.
I thought we heard a few weeks ago that one of them had started selling hot soups. Even so, at what was reported to be $14,000 a month rent for one of them I bet it’ll be bankrupt soon.
“Anyone know how the yogurt places are doing on Court? Will do they well in winter or melt?”
I always thought that’s one of the craziest businesses to open in a city in the NorthEast (read: actual seasons). If they don’t make a ton of cash in the summer (and early fall), do they consider closing up shop every time winter rolls around? Or, just concede that they will bleed more capital until spring rolls around, and hopefully, “it’ll be a better year”? I could not live like that.