NYU Langone to build $204 million emergency room on the old Long Island College Hospital site
The new ambulatory care center and freestanding emergency department will go replace one that has been operating since LICH closed in 2014.
By: Jonathan LaMantia
The emergency department that opened when Brooklyn’s Long Island College Hospital closed is getting a $204 million overhaul.
NYU Langone Medical Center disclosed in a state filing that it wants to build an ambulatory care center and freestanding emergency department on the site in Cobble Hill, replacing a nearby facility that has been handling patients’ health care needs.
FIVE WAYS THE BROOKLYN NAVY YARD’S DOCK 72 WILL CHANGE THE GAME
New York Office Jul 09, 2015
This week, Boston Properties, Rudin Development, WeWork and the Brooklyn Navy Yard Development Corp (BNYDC) announced Dock 72, a 675k SF, $380M office development catering to the TAMI sector. Rudin Development CEO Bill Rudin, VP Michael Rudin and Boston Properties New York regional manager John Powers tell us why it’s so impactful.
1) IT’S A ONE-STOP SHOP
Dock 72 is the first ground-up in Brooklyn focused on the creative marketplace, Bill (above) says. They were able to include everything TAMI tenants demand—high ceilings, large open spaces, eight-foot windows for prime lighting, state-of-the-art wiring and HVAC systems, tenant-controlled A/C, a Di-BOSS building management system, and amenities like outdoor space, terraces, green areas, a basketball court, a cafeteria, specialty foods, a bike valet, a rooftop conference center, and health and wellness facilities. It’s also in discussions with BNYDC about transportation options, such as potentially opening a ferry stop at the property, he adds. Construction on the 16-floor project begins this fall with an anticipated two-year build-out.
A nine-story storage facility near the Brooklyn Navy Yard was picked up by Atlanta-based Storage Post from previous owner Moishe’s Self Storage, which continues to operate a portfolio of 500,000 square feet in Queens and the Bronx.
Easily recognizable by its bright-red exterior, the 280,000-square-foot building is located at 35 Ryerson St. in Brooklyn’s Clinton Hill neighborhood, right next to the Brooklyn Queens Expressway. The facility traded for $95.6 million, according to real estate website PropertyShark. This translates into $341 per square foot or $36.281 per unit.
With this acquisition Storage Post’s self-storage portfolio in New York City grows to ten properties. The company, which was founded in 1998, already owns and operates nine other locations in the Bronx, Brooklyn and Queens.
Brooklyn Heights Library CB2 hearing ends in stalemate after hours of testimony
The first hearing about the controversial sale and development of the Brooklyn Heights Library branch, required under the city’s ULURP process, ended in a stalemate Wednesday night after hours of testimony. Photo by Mary Frost
By Mary Frost
Brooklyn Daily Eagle
A passionate crowd filled the seats and spilled out into the hallway outside Dibner Auditorium at NYU-Poly in Downtown Brooklyn Wednesday night for the first public hearing regarding the controversial sale and development of the Brooklyn Heights Library branch, required under the city’s ULURP (Uniform Land Use Review Procedure) process.
The four-and-a-half hour hearing ended in a stalemate, as Community Board 2’s Land Use Committee failed to reach an affirmative vote. The next step has not yet been decided, but it is not likely another hearing will take place, said Robert Perris, CB2 District Manager.
“We may hold another committee meeting but the hearing is complete,” he told the Brooklyn Eagle.
The outcome followed hours of presentations and heated testimony, both for and against the proposed 36-story tower on Cadman Plaza West and Clinton Street.
At times, emotions spilled over. A yelling match broke out over the hearing process itself, as some audience members objected to the fact that questions were limited to committee members. Robert Perris, CB2 District Manager, had to raise his voice over the hubbub to explain that the purpose of the hearing was to help the people charged with making a recommendation come to a decision.
“It’s not a public conversation, it’s a process,” he said.
One attendee yelled out, “It’s stacked!” Michael D. D. White, co-founder of the advocacy group Citizens Defending Libraries, told the group’s supporters, “Let’s try and work with the process.”
Committee members did read questions slipped to them by attendees, and after the official discussion the audience was allowed to present testimony in two-minute segments.
The Brooklyn Heights Association has alerted us to a planned shoot of a commercial for the U.S. Army to take place Sunday, May 31, beginning at 6:00 p.m. to Monday morning, June 1, at 1:00. The shoot will feature people watching fireworks from the Promenade (the fireworks will be added digitally), will be produced by Moxie Pictures, and will be directed by Henry Lu. Approximately 100 people will be involved, including actors, extras, and crew. This may result in significant noise, especially for those apartments facing Montague Street from Hicks to the Promenade entrance, Montague Terrace, and Pierrepont Place.
Moxie has provided a map (image) showing the no parking areas that will apply for the shoot. The blue lines (all of Montague Terrace and Pierrepont Place, and the south side of Montague Street from the Promenade entrance to Hicks Street) mark “no tow” areas because Moxie didn’t put up signs in time. Those marked with red lines (the north side of Montague from the Promenade entrance to Hicks Street and both sides of Montague from Hicks to halfway to Henry) are tow-away areas starting at 10:00 a.m. Sunday.
The owner of a downtown Brooklyn development site is trying to sell the parcel again.
Nicholas Cammarato, the owner of a vacant lot at 215 Schermerhorn St., has put the parcel up for sale for almost $30 million, double the amount he paid two years ago. Ofer Cohen, the president of brokerage TerraCRG, which specializes in Brooklyn, was retained to market the property.
It is the second time in the past six months that Mr. Cammarato has attempted to sell the lot. Late last year, he reportedly offered it for about $26 million but took it off the market.
Mr. Cohen said that the price of lots have continued to rise in downtown Brooklyn as developers have succeeded in selling units at condo projects underway in the area. A 20-story condo building being constructed at 265 State St., for instance, is fetching record prices for downtown Brooklyn, Mr. Cohen said. The activity has prompted interest in building more condos. About 14,000 apartments are under construction in the neighborhood, according to Mr. Cohen, but most of them are rentals.
“There’s a big opening in the market right now in downtown Brooklyn for more condo projects,” Mr. Cohen said. “And this is an opportunity for a builder to capitalize on that.”
A 140-foot-tall, 75,000-square-foot building can be constructed on the site. Mr. Cohen said a hotel could also be built there. Downtown Brooklyn has become a popular neighborhood for hotels. An Ace Hotel is currently being built on Bond Street.
“There are about 1,000 hotel rooms getting built in downtown Brooklyn,” Mr. Cohen said.
A few years ago, even in Manhattan, building or converting an office property on spec was unheard of.
That is no longer the case, according to data from JLL, whose debt experts say the arrival of name-brand tenants has made office conversion deals in the boroughs increasingly appealing.
Class A vacancy in Downtown Brooklyn ticked in at a mere 3 percent in the fourth quarter of 2014, according to JLL’s numbers, and average asking rents were up 40 percent year-over-year, to just over $42 per square foot. In Long Island City, vacancy was 3.7 percent and average asking rents were up more than 35 percent from the same period in 2013, to $30 per square foot. For perspective, the vacancy rate in Manhattan was about 9.5 percent in Q4 2014, according to JLL.
“Most tenant demand is organic within Brooklyn, where companies such as Etsy and Huge have recommitted to the borough and expanded,” said JLL Managing Director Max Herzog.
A key force driving tenants to Kings and Queens counties is the city’s Relocation and Employment Assistance Program, he added. REAP is a tax credit for commercial businesses, excluding retail and hotels, that move to targeted areas in New York City, which include LIC and Downtown Brooklyn. The 12-year credit is equal to $3,000 per employee for companies relocating from Manhattan, according to the Economic Development Corporation’s website.
Developer Jeffrey Gershon and partner AEW Capital Management are planning a $90 million condominium project on the site of a former Walgreens in Boerum Hill,The Real Deal has learned.
The new 115,000-square-foot property at 520-528 Atlantic Avenue, also known as 505 Pacific Street, would rise six stories and have two below-grade floors, according to sources familiar with the project. Plans call for 60,000 square feet of residential space holding 30 apartments, 30,000 square feet of retail across two floors, and a parking garage.
The developers have yet to file plans with the city, but have hired Beyer Blinder Belle to serve as architect. Demolition of the one-story Walgreens building is expected to occur by late summer, sources said. The site offers 72,000 buildable square feet above ground, but the developers aim to expand that through excavation.
The online craft bazaar Etsy made its debut on the Nasdaq stock market Thursday, signaling the birth of an unusual public corporation — and not just because its employees carry around compost on bicycles, or because itsregulatory filings are peppered with phrases like, “We keep it real, always.”
Etsy is one of a growing number of companies, called B Corps, that pledge to adhere to social and environmental accountability guidelines set by a nonprofit organization called B Lab. And Etsy on Thursday became only the second for-profit company to go public out of more than 1,000 companies that have that certification.
Etsy shares closed on Thursday at $30, almost twice their initial public offering price, in one of the most closely watched market debuts this year.
Ringing the opening bell at Nasdaq’s headquarters in Times Square, amid cheers and confetti and Etsy ads flashing on the screens outside, Etsy’s chief executive, Chad Dickerson, called the debut “an important milestone.” Selected Etsy vendors held a bazaar of their wares in one corner of the square, including a Brooklyn-based vintage clothes seller, an Israeli jewelry designer and a Somerset, Mass., store that sells superhero capes for children.
Overnight, Etsy priced its public offering at $16 a share, at the top end of the company’s proposed range, valuing the company at $1.78 billion. And in a nod to its small-business roots, it capped the amount of stock retail investors had access to in the offering to $2,500, to get as many individuals as possible to participate, including its vendors.