Commercial Klutch: August Edition

More commercial real estate news from our anonymous correspondent…
Brownstoner covered the biggest commercial r.e. news last week: The pending sale of the retail-able chunk of the ‘Muni’ building, 210 Joralemon. That entire block is government, including the Dept. of Education’s 65 Court, which should be converted as well. Several years ago The Board of Education considering selling 65. They should do so. Anything on Court from Montague to Dean Street is very valuable. City needs the money very badly, right?

Deal news: Dumbo’s biggest landlord has raised prices a buck or so, but is charging less than they could. For all that is said about the ownership family, they do cut a more than fair deal for office space. Dumbo deals are generally in the high twenties per foot, except for huge deals or in the weaker, less-serviced buildings. Here’s hoping that the seven active residential projects clustered around Bridge and Gold Streets bring an evening food venue to Bridge Street, in the new 220 Water rental, the largest of the projects. Vinegar Hill House proved the area can work, and is adding a new and different food spot themselves as we speak.

Downtown Brooklyn has seen widely reported large direct deals in the thirties in One and Two MetroTech…. finally. Sublets from Chase are much cheaper, but are structured differently. Court Street is active given the time of year, with everything from a two-year sublet at $26.50 @ 16 to a mid-thirties deal for 3000 sf in 26. 32 has a new agent, and prices in the mid-thirties were released last week. Continuing the theme of Two Trees loft pre-built spaces, and that of 16 Court’s traditional Manhattan-style dropped ceiling pre-builts, 32 has created pre-war prebuilts that look like apartments spaces with exposed beamed ceilings. Remains to be seen how they do in the market.

Fulton Street retail just gained the Express chain, and we await the Citypoint shoe-drop tenant announcement. Go TJ. Given that Brooklyn stores of national chains generally perform in the top tier US-wide per square foot, one expects the same from the new stores as well. Stop by the DeKalb Urban market at Flatbush and Willoughby, very interesting concept and open all week. Farming, shopping, great coffee and we bought some jewelry as well on our first visit.