City agency on the hunt for 250K sf space in East New York

Potential move by Human Resources Administration is meant to help boost development in the neighborhood

TRD New York /
May.May 31, 2017 06:00 PM

The city’s Human Resources Administration is planning a move to East New York in an attempt to give commercial development in the neighborhood a boost.

Economic Development Corporation CEO and President James Patchett said on Wednesday that the agency will rent 250,000 square feet of space in East New York as long as a developer responds to EDC’s request for proposals, which it will release this summer, according to Crain’s. The HRA recently signed a lease for just under 200,000 square feet at 375 Pearl Street in Manhattan.

The move is meant to test the strategy of moving city agencies into the outer boroughs to increase development. Patchett said that rather than using office space in neighborhoods that are already popular, city agencies could serve as anchor tenants in neighborhoods where developers have a much harder time finding credit-worthy anchor tenants. The move could free up additional prime office space for the private sector while saving the city on rent.

Patchett said the city is also looking at Flushing, Jamaica and Harlem as targets for commercial development.[Crain’s]Eddie Small


Related Articles

arrow_forward_ios
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
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
Greystone Development CEO Thomas Ryan and an image of the project (Courtesy of James Hooker, Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
What tenants are paying at Shvo’s “Big Red” building

What tenants are paying at Shvo’s “Big Red” building

What tenants are paying at Shvo’s “Big Red” building
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
arrow_forward_ios

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

Loading...