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By Accord Real Estate Group

Brooklyn Office Building Development Market Recap / Update

October 20th 2016
Tags: Brooklyn Blog, Real Estate News, Brooklyn Real Estate

For years we’ve been blogging about Brooklyn’s booming residential, multi-family and mixed use market.

The office building market in Brooklyn, NY has become a big part of the borough’s growth in popularity as not just a great place to live, but a great place to work as well.

Over the last year or so we’ve blogged about several key commercial projects planned and underway in Brooklyn such as:

Thor Equities Red Hook project with 600,000 square feet of office space planned;

RFK and Kushner Cos. Purchase of the Jehovah’s Witness’s buildings in Brooklyn Heights and Dumbo to be converted to office space and some residential space. Etsy is Kushner Cos’s first tenant to sign a lease at 117 Adams Street for 200,000 square feet of office space;

Rubenstein Partners and Heritage Equity Partners plan to build the first new office building in Williamsburg in 40 years to be located at 25 kent Avenue;

Two Trees Development of the Domino Sugar factory property which will have a significant commercial component included in the project.

The latest commercial project of note is in Downtown Brooklyn where the first new office building will be built since the 2004 rezoning of the neighborhood to be located at 420 Albee Square. Jemb developers bought the lots 420-428 Albee Square in 2015 for $38.5M. The city’s Economic Development Corporation made Jemb an offer that they could not refuse. They sold Jemb 120,000 square feet of air rights + 3,000 square feet of land from a parcel next door for $15.5M so that the new project will have 400,000 square feet of commercial office space rather than mixed use which what was originally planned. Kohn Pederson Fox are designing the project and SLCE was the architect of record on the most recent building applications.

According to Deputy Mayor Alicia Glen “office vacancy rates are at 3% and that shortage of office space will impede the momentum we’ve seen going on here”. “We’re trying to take a series of measures to make sure that the heat of the residential market does not undermine the ability of this neighborhood to be a major generator of jobs”.

Some other office projects planned in Brooklyn are Admirals row in The Brooklyn Navy Yard, 1000 Dean Street in Crown Heights, City Pointe in Downtown Brooklyn and Industry City in Sunset Park.

Accord Real Estate group is currently marketing an office building located at 1670 – 1678 East 17th Street, just off of Kings Highway in the Midwood section just one block from the B and Q subway station. For decades Kings Highway has been one of the busiest, high traffic commercial and retail locations in this Brooklyn borough. Visit our website for more details on this rare asset for sale.

If you are planning to sell your Brooklyn property, whether a residential property, a commercial building, mixed use, multifamily, vacant land, co-op or condominium or a development opportunity, call us. You will be very happy that you did.

Thank you.

Accord Real Estate Group team