We received the below December 2013 update from Chris Havens, Director of Commercial Property at aptsandlofts.com. The office vacancy in Dumbo is limited and price per square feet is in the $50+ range.
Once again DUMBO is a market leader, with Two Trees achieving over $100 per square foot at One Old Fulton Street from the incoming Shake Shack and West Elm is reported to paying $42 to $52 per RSF (various sources give both numbers!) for 150,000 RSF at Empire Stores. The Brooklyn record for office space and supportive of the $50 something asks at the ‘new’ Sands & Prospect buildings the Watchtower sold.
Our little waterfront world has changed – I recently put in a $40 offer for office space in a brick and timber building and it was not accepted!
A new restaurant called DISH replaced RICE at 81 Washington. As you know, workers and residents ask constantly for more food options. The food truck consortium that leased the lot at Water and Jay to rotate trucks is very popular but not the sit down dinner space sorely needed here.
Midtown Equities and their partners have put their 40,000 sf of retail and 17,000 of ‘market space’ officially up for grabs. I’ll see the building again Thursday and learn more about pricing, which is around $100 per sf. West Elm has taken 9,200 of that space so far.
We are all waiting for Bridge Street to get some retail. Both 52 Bridge and 220 Water are said to be leased to office users. Until 53-57 Bridge is renovated for office (I hope) or residential use, not much will happen over there.
At long last, the Chambers Papers Company is said to be leaving 135 Plymouth Street, as that owner continues to renovate units upstairs as apartments and litigates to stave off Loft Law coverage of the existing residents.
Previously:
{Dumbo Commercial Real Estate Update (June 2013), 02Jul2013}
{Dumbo Brooklyn Commercial Report (March 2012), 12Mar2012}
{Dumbo Brooklyn Retail Report (Jan 2012), 13Jan2012}
{Dumbo Retail Report (Dec 2011), 16Dec2011}
{Dumbo Commercial Real Estate Update (Nov 2011), 22Nov2011}
