Dumbo Brooklyn Commercial Report (March 2012)

Pete's Downtown Restaurant

We received the below update from Chris Havens, Chief Executive at Creative Real Estate Group, a local commercial real estate business on the Dumbo Commercial Report for March 2012:

In a sign of the times, Pete’s Downtown Restaurant at One Fulton Street closed and the approx. 3200 RSF space is for lease at $70/foot. Of the 133 storefronts or retail sites in my database, eight spaces above 3,000 sf are available and two at 1,000 sf each. Four leases are out on as many spaces. The Shops at 145 Front Street concept is popular and set to be expanded on Pearl Street.

Aside from the new small-tenant building at 231 Front in Vinegar Hill we are handling, there are less than twenty-five conventional office spaces available today in the area. Tenants seeking above 5,000 SF are not finding space.

Answering the calls for new restaurant options, Two Trees has under construction in One Main a space for the people behind Colonie, a hot bar/restaurant on Atlantic Avenue off Henry Street.

Bridge Street is the new retail frontier. With the attractive 220 Water high-end rental offering a good restaurant space, a possible food space for lease at 79 Bridge and many new residents of Vinegar Hill on the way, we are watching the growing move east. The highly successful Vinegar Hill House is steadily building out their second space on Hudson, said to be a casual open all day cafe.

It has been reported that the Brooklyn Bridge Park Development Corporation is negotiating possible leases with three potential developers of the residential and hotel site at the foot of Old Fulton Street.

{Dumbo Brooklyn Retail Report (Jan 2012), 13Jan2012}
{Dumbo Retail Report (Dec 2011), 16Dec2011}
{Dumbo Commercial Real Estate Update (Nov 2011), 22Nov2011}

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