NYPD and Manhattan DA to extend huge lease in Sunset Park for 12 years

Agencies are on month-to-month leases at 600K sf industrial building

New York /
Feb.February 19, 2018 09:00 AM

NYPD’s James O’Neill, Cy Vance and 4312 2nd Avenue in Brooklyn

The New York City Police Department and the Manhattan District Attorney’s office plan to extend some 174,000 square feet they lease at a Sunset Park industrial building for another 12 years.

The NYPD Property Clerk division is on a month-to-month basis on 78,000 square feet it leases on the top floor of the six-story warehouse at 4312 Second Avenue, the Commercial Observer reported.

The unit, which stores evidence and seized property, plans to extend that lease for 12 years. The police department’s Records Unit, meanwhile, is negotiating to move from the building’s sixth floor to the entire 20,000-square-foot ground floor on a 12-year lease at a rent that starts at $22 per square foot and escalates to $31 per square foot by 2030, according to the CO.

The District Attorney’s office is on a month-to-month lease for 76,000 square feet in the building, which it hopes to convert to a 12-year lease.

The Department of Citywide Administrative Services reportedly rented the space for the office in 2012 after the city asked the DA to move from the Brooklyn Municipal Building.

Pinnacle Realty’s David Junik and Steven Nadel are negotiating on behalf of the landlords, while CBRE is representing DCAS.

The Damast Family’s Commodore Manufacturing Corporation bought the 600,000-square-foot building between 43rd and 44th streets in the 1990s and stored Christmas decorations there. But the company in recent years outsourced most of its operations to China and renovated the building with hopes of attracting high-tech manufacturers, film-industry companies and advertising agencies.

Savanna and Hornig Capital Partners had the same idea with their redevelopment of the former Schlitz brewery in Bushwick, but ended up signing a 20-year lease for the city’s Human Resources Administration. [CO]Rich Bockmann


Related Articles

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

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

Loading...