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

TRD 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 Article

An aerial view One World Trade Center in Lower Manhattan (Credit: iStock)

On anniversary of 9/11, the World Trade Center office market is now helping propel Downtown

Clockwise from top left: 733 Third Avenue, 24-01 44th Road in Long Island City, 83 Maiden Lane, and 1745 Broadway (Credit: Google Maps)

These were NYC’s top office leases in August

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Clockwise from left to right: 50 Hudson Yards, Farley Post Office redevelopment, 1 Madison Avenue, and Apple CEO Tim Cook (Credit: Hudson Yards, Skanska, Google Maps, and Getty Images)

Apple on the hunt for enormous Manhattan office space

Real estate titans … and their toys