Downtown Brooklyn’s Metrotech Center
New York University’s new videogame development institute has inked a deal for space in Downtown Brooklyn, a big boost for the area’s efforts to attract trendy technology clients, the Wall Street Journal reported. [more]
Mayor Ed Koch
From the December issue: Mayor Ed Koch and other city officials unveiled an agreement with Forest City Enterprises and the Polytechnical Institute of New York to build a $340 million office, retail and research complex in Downtown Brooklyn 28 years ago this month. The City Hall announcement identified Cleveland-based Forest City as the main developer for the MetroTech Center project, which received a 99-year lease and 22 years of tax abatements as part of the deal. In addition, Polytechnical was selected to build a $12.4 million library. [more]
One MetroTech
In a move that may foreshadow a long awaited change in the Downtown Brooklyn office leasing climate, the neighborhood just signed its first technology tenant, the Wall Street Journal reported. MakerBot, a startup that makes three-dimensional printers, has signed a lease for the entire 21st floor of One MetroTech. [more]
The Brooklyner building (tall and center) in the area surrounging the MetroTech
There is a residential “boomlet,” happening around Downtown Brooklyn’s MetroTech Center, the New York Post reported.Despite the lack of amenities, high-rises in the area are offering amazing views at affordable rents, the Post said.
“We’re kind of a 10-minute walk to everything — in the middle of nowhere,” said Janice Behrens, who lives at Belltel Lofts, at 365 Bridge Street near Willoughby Street. [more]
Deutsche Bank, the Frankfurt-based investment and financial services institution, will take 50,000 square feet of space at 4 MetroTech Center in Downtown Brooklyn, the New York Observer reported.
The bank will house its operations and other less-than-vital staff at the building, owned by JPMorgan Chase, which was chosen for its proximity to Deutsche’s Financial District office, at 60 Wall Street.
Deutsche’s offices in Manhattan are at 120 West 45th Street, 1251 Sixth Avenue, 345 Park Avenue, 622 Broadway and 885 Third Avenue, the Observer said.
… [more]
From left: The entrance to Eurohyop’s NYC offices and 9 MetroTech Center (building credit: PropertyShark)As European banks mitigate risk amid the debt crisis that’s consumed the continent, many have stopped lending for commercial real estate projects in the U.S., Reuters reported. The total amount of money European banks loaned to the sector has fallen by 31 percent in the last two years, according to Trepp, and more banks have announced they would reduce U.S. property loans.
While European real estate lending is not widespread in much of the United States, it is crucial in big cities like New York. Forest City Ratner was directly affected by this trend in October, when German bank Eurohypo suddenly dropped out of serious negotiations to provide a $65 million loan for 9 MetroTech in Brooklyn. … [more]
Forest City Enterprises, developer of the Barclay’s
Center at Atlantic Yards, reported third-quarter losses of $41.9
million, or 25 cents per share, according to a report from
International Business Times. Leasing difficulties at a Florida mall and disposition of an office building in Cleveland were cited as main reasons for the third quarter net loss.
The company saw $4.3 million in losses from vacancies in two Brooklyn
office properties, $4 million
in write-offs from stalled development projects, and $3.3 million in losses
from slower-than-expected leasing at 8 Spruce Street, the Frank
Gehry-designed residential tower. The company said it has
leased 550 of 903 apartments in the building…. [more]
Fitch Ratings downgraded a $6.6 million class of commercial real estate loans led by 10 Metrotech Center, a seven-story office building owned by Forest City Ratner in Downtown Brooklyn.
Fitch downgraded one class of COMM Mortgage Trust 2005-FL-10, saying 42 percent of the pool is expected to default due a 10 percent overall decline in cash flow compared with the last update.
The 359,000 square foot property, located at 625 Fulton Street in Brooklyn, is faced with an expiring lease with the Internal Revenue Service, which occupies nearly 88 percent of the building. The loan represents 7.4 percent of the pool balance. … [more]
While the battle for New York University’s growth within Greenwich Village wages on, the school quietly took two significant steps towards completing the majority of its expansion, which is taking place outside of the core campus. The university chose EYP Architecture & Engineering and Kohn, Pedersen, Fox Associates to design a new building that will house the College of Nursing, the College of Dentistry, and a new bioengineering program. The 170,000-square-foot structure will rise along NYU’s existing First Avenue campus that extends from 24th to 34th streets, at 433 First Avenue near 26th Street. Meanwhile, NYU’s engineering affiliate, the Polytechnic Institute of New York University, will expand into 120,000 square feet of space at Forest City Ratner’s MetroTech Center in Brooklyn. TRD… [more]
Panasonic has signed on to move its corporate North American headquarters to Newark, taking advantage of $102.4 million in state subsidies and rebuffing efforts by New York City officials to lure the company to Downtown Brooklyn, according to Crain’s. The subsidy package requires Panasonic, which is currently housed in Secaucus, to add 250 employees to the 950 it already has in the state over the next 10 years. New Jersey has been aggressively pursuing big tenants through the promise of tax incentives in recent months, among them, the city’s Hunts Point produce market. … [more]
For NYC real estate updates provide email below
