Forget about condos. Developers are banking on Bushwick as the next hotspot for offices.
Developers are swooping into the Bushwick loft district — which the city calls East Williamsburg, and residents sometimes call Morgantown — with plans for oodles of office, retail, and maker spaces.
At least 11 creative office developments are in the works for the area, making it a contender to become the borough’s next Tech Triangle or Dumbo.
When the Jehovah’s Witnesses put three of their prime Brooklyn properties on the market in December, we knew the opportunity would be a siren song for developers large and small. With bids due this week, new details have emerged about the possible uses of the sites, what they might fetch, and who is angling to acquire them.
It’s no secret that Williamsburg’s storefront rents are some of the priciest in the borough, but a new report now reveals they are also some of the priciest in the country.
Williamsburg-based Rabsky Group will soon ink a deal to pay roughly $48,000,000 for a potential-laden warehouse in the Bushwick loft area. Can you guess what they have in store for the site? Not condos!
Rabsky is jumping on the creative-Bushwick bandwagon, joining developers like Bushwack Capital and All Year Management to build commercial space (offices with a dash of retail) in the formerly industrial ‘hood, reported The Real Deal.
With property values continuing to skyrocket, this year saw a number of real estate records broken — but not in the retail market.
It’s a done deal: Downtown Brooklyn’s neo-Classical Dime Savings Bank has officially sold to developers Joe Chetrit and Michael Stern for $90,000,000.
Just what Brooklyn needs: Another T-Mobile.
An additional outpost of the cell phone and communications company has signed a lease at 93 Court Street — a once-glorious Tudor-style architecture office — for $200 a square foot, a CPEX spokesperson told Brownstoner, in what may well be a new high for the area’s retail rents.
Based on a rendering from CPEX, which brokered the deal, the facade of the building will be repaired for the better, but sadly not restored. Trust us, you want to see it in its original glory:
The Jehovah’s Witnesses will have sold upwards of $1,000,000,000 worth of Brooklyn property by the time they complete their move upstate. But the plan to sell one site in particular — 85 Jay Street in Dumbo — has some locals fuming over profits on allegedly broken promises.
As Brooklyn scrambles to meet demand for office space, another of the landmarked Eberhard Faber Pencil Factory buildings in Greenpoint is getting fixed up and turned into modern offices.
Crown Heights already has a co-living building. Now it’s getting some mega-sized coworking space.
The Vault — a tech-oriented coworking company based in San Francisco — just signed a lease for a new outpost in 1000 Dean, the neighborhood’s creative office hive established by Brownstoner founder Jonathan Butler.