Our Brooklyn office market is increasingly choppy, crazy, cracked. Deals are on, then off, then on again. Economy, credit, other deals falling - tenants constantly reevaluate their needs and react to events. Buffeted by the winds, adjust your sails – take prices down.
CPEX RE has a mid to low twenties sublet at 111 Livingston Street (at right), former Carver Bank office. Law tenant onto a small space on Montague heard about a 15 dollar small sublet at 50 Court, bailed out of Monty deal. While there was unexpectedly good activity this month in both Downtown Brooklyn and DUMBO, prices continue to soften in the former. Media & entertainment tenants still love us. The News Corp.-owned Courier-Life newspaper chain took 18,000 RSF in MetroTech 1, at or just below $30 per foot. As reported yesterday on Brownstoner, Mick Artists Management, the leading singer/songwriter manager who reps John Mayer and Natalie Merchant, took 5,200 RSF at $23 a foot in DUMBO.
Corporatization continues apace. Morton’s Steakhouse, a surprisingly cozy space, opened to great fanfare. Timing couldn’t be worse, yet this type if restaurant couldn’t be better for downtown Brooklyn, which needs more quality business dining. Quite friendly staff, bar bites for those of us without two bills for dinner, strongest wine list in the office district and paying jobs for Brooklynites. On Fulton Mall, H & M, Bank of America, Sprint, ATT, Citypoint (whatever it becomes). Interest in the architecture, renovation of 505 Fulton next to H&M site. All this supported by chain stores on Livingston, some better leasing on Schermerhorn. All this in and around Fulton added to my favorite store name – HYPERACTIVE.
Commercial Klutch: November Edition [Brownstoner]
Commercial Klutch: October Edition [Brownstoner]
Commercial Klutch: September Edition [Brownstoner]
Commercial Klutch: August Edition [Brownstoner]
Commercial Klutch: July Edition [Brownstoner]
Photo by Scott Bintner for PropertyShark