You’d think the Trader Joe’s opening was the Coming of the Lord the way the crowds keep coming. The 100th guy in line the first day told me he got a free shopping bag. Wow…99 cents inside. We do love what they do, and wish them well. Gotta be the loveliest grocery store in Kings County. Meanwhile, down the street in a different location Urban Outfitters is struggling. Why isn’t anyone buying?
Good news for office tenants – rents are dropping. Call volume is way down all over, mirroring what’s happening in residential. 16 Court Street cut prices for the third time this year and is now offering a couple spaces outside the pre-built program for under $30 psf (ouch) if a decent tenant takes them as-is. Morgan Stanley is putting two floors at One Pierrepont Plaza on the market for sublet shortly at competitive prices, we hear. That being said, Brooklyn still has a shot because of REAP, the City/State tax abatement program that grants heavy tax credits for tenants moving employees from the small island across the water to eligible properties on the big island. MetroTech, One Pierrepont, 16 Court, 186 Joralemon, Two Trees properties and others are eligible, because the program targets major renovations and new construction, to encourage same. Click through for more commercial news.