Join us again as our anonymous embedded blogger dishes on the commercial market in Downtown Brooklyn and environs.
The market’s sending mixed messages, monkeying with my mind. Deals are being done for dear dollars, yet availability is awfully up, up and away. One million SF of Class A ready for tenants. Ouch.
Dumbo still has much for a tenant to see: The biggest recent deal in the area happened there. 15,000 square feet of former 55 Washington Street craft space goes to the mighty cool ETSY. Two Trees did an above standard build for 24 bucks, we hear. Good number for both sides. Lots of landlords lusted after the tenant, but TT won again.
BellTel, a gorgeous historic reno which shoulda won the Building Brooklyn Awards preservation category, is dreaming when it comes to the retail space. Seeking big tenants for large dramatic spaces in an off location for nationals. Further, the garage is vacant. Lease and operate the garage, then sell it. Cut up retail space or give it away cheap to someone interesting. Current strategy now history, given dearth of national retail.
The new H&M store soldiers along, and is being designed now. The site is wrapped for demo. H&M is so, so 2009 - a bikini cheaper than a fancy cocktail on Smith Street!
Downtown Brooklyn Partnership proposed converting the valuable ground floor of the City Municipal Building at 210 Joralemon, pictured above, to retail. No brainer. So what, says City as they plan to move city agency offices from nearby addresses into the Muni Building, maybe making retail moot.
Why, pray tell? Readers, enlighten us….
Prior Commercial Klutch Posts [Brownstoner]