Commercial Klutch: July Edition

Our anonymous commercial real estate guru is back with his monthly take on the Brooklyn market… Y’all waiting for Citypoint ? The moment is coming. I say TJMAXX will get the space, though a couple others still in running. TJMAXX, part of Marshall’s empire, is place to shop for accessories. $10 leather gloves (rather than 50 at Macy’s), half price name brand undies, great socks, cheap wine glasses. TJ rocks.

Fulton Street is now an object of desire by many nationals, but space is limited. Those snobs who’ve written comments on this blog that Fulton hasn’t changed musn’t ever go there. Aeropostale, Syms/Filenes, Gap is coming, Gage leased for about $85 a foot to a discount jewelry store, H & M under construction, Citypoint site, Sprint, Bank of America, and Conway’s old building—505 Fulton, shown above—going resi. SHAKE SHACK doing interior work. Changing fast.

Just please, leave Mo’s so i can get cheap last season hip hop tees for my many nephews.

Manhattan’s famous foodie palace Esca is in the market for resto space…have they found? Let me know. More restos than space now and calls coming in saying owners will build out space again, not just renew a vacant. Witness work at Jolie Cantina. New tenant coming to base of 32 Court, watch that space.

26 Court just did a cheap deal for a major nonprofit, as the Eagle reported last week. They hit the Court/Monty lotto, finding a perfect layout that didn’t need altering. Was it under $34 a foot? No one will say. 16 Court on track to close or renew nearly 20,000 sf by end of this summer. New agents on building grow that this fall. 44 Court replaced their elevators – who’s says there are no miracles in commercial? Largest commercial lease since BONY at 2 Hanson in 2012 now being signed at 470 Vanderbilt. Base building work underway. Somebody told me change is the only constant.