Commercial Klutch: December Edition

Here’s the latest dish from our anonymous source in the commercial real estate game. Downtown Brooklyn’s (DTB) office market rose these past two months, with increasing activity in the smaller and mid-range sizes. Although the market generally slows down after Turkey Day, this year handshakes, inspections and inquires are way up. Go figure. Prices continue to be soft-ish, in the high twenties and low thirties with few exceptions, yet tenants are looking again. Merry Christmas.

With HRA’s huge move from the nearly 200,000 SF 210 Joralemon/45 Hoyt property, owners looking for partners to help redevelop. I bet on 45 being the eighth B/C building conversion to resi. Naughty not nice for my market. Entirely understandable however. All those DINKS renting in DTB.

TJ MAXX down with the Fulton Mall now, and not at Syms space or CityPoint we hear, leaving those two for the other large tenants negotiating with multiple sites here. Leased a phone on the Mall Sunday at one of those cell phone shops everyone complains about (best prices in DTB plus unlocked phones). Discount shopping rules, high streets drool.

345 Adams you’ve read about, Shake Shack open now, Jennifer Convertible space on Monty going finally, Haystack space on Clinton lease out at 70. Small retail demand in Dumbo white hot, while large spaces sit. 81 Front at Wash/Front NE corner finally leases out, after several years of patience. Tenants will be very special it appears. Further Dumbo drama resulting in one block pizza heaven – Grimaldi’s survives their near death experience (hey pay your rent), the coal oven they lost forever is coming back under Mr. G and Ignazio’s, superb at 4 Water will duke it out well over 600 degrees.