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
CBRE's Emma Giamartino and Bob Sulentic (CBRE, iStock)
Flush with cash, CBRE is ready to spend
Flush with cash, CBRE is ready to spend
GCP CEO Alan Yang (Getty, GCP)
GLP raises $2.3B for logistics property fund
GLP raises $2.3B for logistics property fund
Alphabet CEO Sundar Pichai and Twitter CEO Jack Dorsey (Getty)
Twitter, Google latest big companies to delay office returns
Twitter, Google latest big companies to delay office returns
Durst Organization CEO Douglas Durst (Getty)
Durst to fire unvaccinated corporate employees Sept. 6
Durst to fire unvaccinated corporate employees Sept. 6
Converting offices to lab spaces comes with challenges, as some spaces need specific ventilation and upgraded electrical facilities (Getty)
Conversions from offices to life science labs booming
Conversions from offices to life science labs booming
132 West 14th Street and KPG’s co-founders Rod Kritsberg and Gregory Kraut (Avison Young, KPG)
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
Paramount Group lost $16 million last quarter
Paramount Group posts $16M quarterly loss
Paramount Group posts $16M quarterly loss
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
arrow_forward_ios

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

Loading...