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By Accord Real Estate Group

Economic Boost For Brooklyn Neighborhoods

July 17th 2013
Tags: Brooklyn Blog, Brooklyn Real Estate, New York Real Estate

Brooklyn has been an attraction for tech companies for decades. Now with the plan to create millions of square feet of commercial space in Brooklyn Tech Triangle it should change New York City position in the country as the second largest tech hub after the Silicon Valley to number one! The Brooklyn Tech Triangle consists of the space between Downtown Brooklyn, DUMBO and the Brooklyn Navy Yard.

The Jehovah's Witnesses' just sold six buildings in Dumbo with a total of 1.2 million square feet of commercial space that gives a tremendous boost in the creation of Brooklyn's Tech Triangle. The buyers are New York City developers RFR and Kushner Companies. Office space has been so scarce in Dumbo that if these buildings are used for office space, the buildings will rent quickly and the neighborhood will benefit dramatically from the influx of people working and living in the area who will be spending money there. Many new retailers will be coming into the neighborhood especially restaurants and bars.

Brooklyn will benefit financially from the real estate taxes and payroll taxes generated from the work force housed in these buildings. The buildings have incredible locations with wonderful views of The Brooklyn Bridge, The Statue of Liberty, New York Harbor and Lower Manhattan.

In preparation for a move upstate The Jehovah's Witnesses' have been selling their Brooklyn properties which includes the sale of The Bossert Hotel on Montague Street as we mentioned in our June 10th Blog, 360 Furman Street, which is now One Brooklyn Bridge Park, a residential condominium building and now the six buildings in Dumbo. The sale of their Brooklyn portfolio of properties will dramatically benefit the Jehovah Witnesses Organization financially and have a tremendous benefit on the Brooklyn economy as well.

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