City to market retail space in Brooklyn Municipal Building
The city is planning to relinquish around 37,000 square feet of ground- and second-floor space in the Brooklyn Municipal Building to retail or development companies who would help transform the corner of Joralemon and Court streets into a shopping destination. The borough has been lobbying for such a plan for months, and today the Wall Street Journal reported that the city is accepting sale and leasing proposals for the space, with an official announcement expected today.
A study commissioned by the Downtown Brooklyn Partnership recently found that the first two floors and the basement of 210 Joralemon Street could be worth $20 million in a sale for retail use. This wouldn’t be the first time a municipal building in Downtown Brooklyn has gone partially private; in 2008, the city sold off 33,000 square feet at 345 Adams Street to Muss Development, which recently signed Panera Bread to take part of the space. Mayor Bloomberg said earlier this year that he’s aiming to trim the budget by reducing the city’s office space. The move would seem in line with those plans, as the lower two floors of the 13-story icon currently house staffers from the Department of Finance, who will be relocated to elsewhere in the building. [WSJ]