City to market retail space in Brooklyn Municipal Building

TRD New York /
Dec.December 06, 2010 10:12 AM

The city is planning to relinquish around 37,000 square feet of ground- and second-floor space in the Brooklyn Municipal Building to retail or development companies who would help transform the corner of Joralemon and Court streets into a shopping destination. The borough has been lobbying for such a plan for months, and today the Wall Street Journal reported that the city is accepting sale and leasing proposals for the space, with an official announcement expected today.

A study commissioned by the Downtown Brooklyn Partnership recently found that the first two floors and the basement of 210 Joralemon Street could be worth $20 million in a sale for retail use. This wouldn’t be the first time a municipal building in Downtown Brooklyn has gone partially private; in 2008, the city sold off 33,000 square feet at 345 Adams Street to Muss Development, which recently signed Panera Bread to take part of the space. Mayor Bloomberg said earlier this year that he’s aiming to trim the budget by reducing the city’s office space. The move would seem in line with those plans, as the lower two floors of the 13-story icon currently house staffers from the Department of Finance, who will be relocated to elsewhere in the building. [WSJ]


Related Articles

arrow_forward_ios
Michael Bloomberg and the Westlands in Meeker, Colorado (Credit: Bloomberg by Toni L. Sandys/The Washington Post via Getty Images)

Michael Bloomberg picks up $44M estate in Colorado

Michael Bloomberg picks up $44M estate in Colorado
Rockrose Development President Justin Elghanayan and 98 DeKalb Avenue in Brooklyn

Rockrose’s new Brooklyn skyscraper will rise 47 stories

Rockrose’s new Brooklyn skyscraper will rise 47 stories
11 Hoyt Street and 1 Clinton Street in Brooklyn (Credit: Binyan Studios and 1 Clinton Street)

Downtown Brooklyn condo was borough’s priciest contract last week

Downtown Brooklyn condo was borough’s priciest contract last week
Brookfield's Ric Clark and Two Hanson Place in Brooklyn (Credit: Google Maps, iStock)

Brookfield signs energy company to big lease in DoBro

Brookfield signs energy company to big lease in DoBro
The total market value of all properties in New York City was at about $1.4 trillion (Credit: iStock)

Market value of NYC real estate went up at slowest rate in years

Market value of NYC real estate went up at slowest rate in years
Michael Bloomberg and 229 West 43rd Street (Credit: Getty Images and Wikipedia)

Bloomberg moving campaign HQ to Times Square

Bloomberg moving campaign HQ to Times Square
Rudin Management Company's Bill Rudin, Blackstone's Jonathan Gray and Mike Bloomberg (Credit: Getty Images)

Bloomberg pitches real estate execs at NYC campaign HQ

Bloomberg pitches real estate execs at NYC campaign HQ
Staten Island City Councilman Joe Borelli and City Council Speaker Corey Johnson (Credit: Getty Images)

Gentrification tax? Pols pitch fix for “completely screwed” system

Gentrification tax? Pols pitch fix for “completely screwed” system
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...