JLL to handle leasing for Brooklyn Navy Yard building

City and state incentives could substantially lower asking price for Building 77

TRD New York /
Dec.December 01, 2014 01:43 PM

The city hired JLL to serve as the exclusive leasing agent for the vacant 1 million-square-foot property in the Brooklyn Navy Yard.

The 16-story structure, known as Building 77, is undergoing a renovation of both the interior and exterior. The city announced plans to invest $140 million in the upgrade, with the reopening for the building scheduled for sometime in late 2016.

JLL is targeting a mix of big national and international tenants and local companies.

“We want to reach out to Asia, Latin America and Europe to attract new companies to the New York marketplace,” JLL’s Michael Shenot told the Wall Street Journal.

Asking price for the property is $40 per square foot for the penthouse floor, which comes with a roof deck. The lower floors will ask about $25 per square foot.

City and state economic incentive programs could give tenants a reduced asking price of $18 to $21 a square foot, the newspaper said.

The U.S. Department of the Interior’s National Park Service designated the Brooklyn Navy Yard as a national landmark in May, as reported. [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
Brock Emmetsberger, Tom Gammino and Will Suarez (JLL)

JLL makes cuts to I-sales team

JLL makes cuts to I-sales team
The Vitre at 302 East 96th Street with Wonder Works Construction's Joseph Klaynberg and Daniel Klaynberg (Google Maps; Wonder Works)

Wonder Works’ UES condo being shopped at foreclosure sale

Wonder Works’ UES condo being shopped at foreclosure sale
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
New York City Council member Brad Lander (Getty)

Brad Lander calls for city to use land banks

Brad Lander calls for city to use land banks
Former JLL employee sues alleging toxic “boys club”

Former JLL employee sues alleging toxic “boys club”

Former JLL employee sues alleging toxic “boys club”
JLL CEO Christian Ulbrich (Ulbrich by Jemal Countess/Getty Images for Women's Forum of New York)

JLL profits halved by pandemic

JLL profits halved by pandemic
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
arrow_forward_ios

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

Loading...