Neighborhoods


NYU Langone building ER in Brooklyn on LICH Site

Posted on by Ingram Hebron

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

Photo: Buck Ennis
NYU Langone plans to build a emergency department at the old Long Island College Hospital site.

 

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.

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New Office Building Coming to Downtown Brooklyn

Posted on by Ingram Hebron

FIVE WAYS THE BROOKLYN NAVY YARD’S DOCK 72 WILL CHANGE THE GAME

New York Office Jul 09, 2015

Amanda Marsh

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.

Read more at: https://www.bisnow.com/new-york/news/office/five-ways-the-brooklyn-navy-yards-dock-72-will-change-the-game-47803?utm_source=MorningBrief&utm_medium=email&utm_campaign=20150710_new-york_morningbrief?utm_source=CopyShare&utm_medium=Browser 


STORAGE FACILITY SOLD IN BROOKLYN

Posted on by Ingram Hebron

Storage Post Picks Up Brooklyn Facility

By Veronica Grecu, Associate Editor

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.

Self-Storage - 35 Ryerson St. - Brooklyn

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.


OUR PRINCIPLE, BOB HEBRON, TESTIFYING AT CB2 HEARING LAST WEEK

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Commercial Shoot at Promenade Montague Street Entrance Sunday Night

Posted on by Ingram Hebron

Commercial Shoot at Promenade Montague Street Entrance Sunday Night

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.


Interesting Facts about NYC Population Growth

Posted on by Ingram Hebron

The future of New York’s population in four easy-to-read graphics

New York City’s birthrate is the lowest since 1936, according to the New York Post, but the population keeps growing. What gives?

 


Development Land in Downtown Brooklyn on the market for $30MM

Posted on by Ingram Hebron

If this downtown Brooklyn vacant lot is sold for $30M, a pricey condo will likely rise there

A 140-foot-tall, 75,000-square-foot condo building can be built at 215 Schermerhorn St.

Photo: CoStar Group Inc.
215 Schermerhorn St. is for sale for $30 million.

 

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.

Courtesy of Crains


OFFICE Developments Finally making sense in Downtown Brooklyn!

Posted on by Ingram Hebron

Spec Office Development Hits Outer Boroughs

The Brooklyn Bridge.

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.

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NEW DEVELOPMENT IN BOERUM HILL WILL ADD 30,000 SF of COMMERCIAL SPACE

Posted on by Ingram Hebron

Jeffrey Gershon, AEW plan $90M Boerum Hill condo project

Rabsky’s Simon Dushinsky flipped contract for former Walgreens building

April 23, 2015 01:33PM
By Mark Maurer

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 Real Deal


BROOKLYN BORN AND RAISED GOES PUBLIC!!! CONGRATULATIONS!

Posted on by Ingram Hebron

Etsy Chief on I.P.O.

 

Etsy Chief on I.P.O.

Chad Dickerson, chief executive of Etsy, called the online craft bazaar’s public debut “an important milestone.”

 

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.

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