Commercial Klutch: July Edition


Our masked correspondent gives us this month's skinny on the commercial real estate market in Downtown Brooklyn and environs....Beautiful buildings? See the newly-built Toren or its neighbor the BellTel Lofts, carved out of the historic telephone headquarters. Visit the latter’s lobby and eyeball that grey marble. Superb…Ugly buildings? See 75 Clinton Street, subject to the notice posted in its window above. Our first area foreclosure, the 80,000-square-foot office property is for sale. Not sure the numbers work for office rehab and leasing. Does resi work either? Hope it doesn’t just sit….

In rental land, tenants continue to enter the market, taking down space in the Heights and DUMBO. While rents continue to be soft, the last months have seen steady activity. 16 Court has leases out or deals working on two-thirds of its spaces. Recent area deals are in all in the $20’s, with the exception of 333 Adams.

The City of NY Human Resource Administration is reviewing a lease issued for over 300,000 rsf at MetroTech 4, JPMorgan’s Chase’s largest building. Another large lease may happen in the complex, substantially reducing available footage. 470 Vanderbilt, announced here and elsewhere last week, signed a 62,000-rsf tenant. There’s life in the old borough yet. And on Court Street across from the multiplex, Checkers is minting money with cheeseburgers. Wonder if all Five Guys are sorry they passed on that location.
Prior Commercial Klutch Posts [Brownstoner]

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