United American Land has closed on the 50,000 square-foot commercial condominium at 210 Joralemon Street, commonly known as the Brooklyn Municipal Building, for $10 million, the developer told The Real Deal. United American won a request for proposal from the city last year to redevelop the three floors of retail at the building, between Court Street and Boerum Place in Downtown Brooklyn.
The city has been in the process of relocating its offices in some prime Downtown Brooklyn buildings, including 210 Joralemon, in an effort to spur retail growth in the area and cut costs.
The basement, first and second floors are available for retail tenants, United principal Albert Laboz told The Real Deal, and he expects four or five tenants total. He said he saw specialty fashion retailers and at least one restaurant in the space.
The leasing is being handled by Peter Ripka, partner at commercial brokerage Ripco NYC, who expects the building to be fully occupied by the end of 2013, according to a statement from United Land.
In the past, United American developed the Soho Mews, a luxury condominium at 311 West Broadway. — Guelda Voien