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Brooklyn: the Bridge to the Future TABLE of CONTENTS • MARKETING REPORT • Q1 2016

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Brooklyn: the Bridge to the Future TABLE of CONTENTS • MARKETING REPORT • Q1 2016 Brooklyn Offce North Brooklyn The What MARKETING and Residential Brooklyn Tech Triangle The Why REPORT Development South of Atlantic Ave The Result Q1 2016 Brooklyn: The Bridge to the Future TABLE OF CONTENTS • MARKETING REPORT • Q1 2016 Brooklyn: The Bridge to the Future 1 A boom in living and working in Brooklyn: What’s driving it? - 2 3 North Brooklyn: - Greenpoint | Williamsburg | Bushwick 4 - 5 6 Brooklyn Tech Triangle: - Dumbo | Downtown Brooklyn | Brooklyn Navy Yard 7 - 8 9 South of Atlantic Ave: What’s Next? - Gowanus | Red Hook | Sunset Park 10 - 11 The Result 12 13 Recent Sales | Contact | About GFI Realty Services - 14 140 BROADWAY 41ST FLOOR | NEW YORK, NY 10005 P: (212) 837.4665 | E: [email protected] INTRODUCTION • MARKETING REPORT • Q1 2016 1 A boom in living and working in Brooklyn: What’s driving it? Due to Brooklyn’s exponential year-over-year residential and retail growth, combined with the staggering number of units in the pipeline, it’s nearly impossible to ignore the development currently taking place in Brooklyn. With the explosive growth of the borough’s population, particularly among millennials, and the borough’s emergence as an incubator for TAMI (Technology, Advertising, Media and Innovation) companies, we are seeing waves of developers “crossing the bridge” as they seek new investment opportunities. his trend began in Northern Brooklyn, with Tthe emergence of neighborhoods such as Greenpoint, Williamsburg and Bushwick, Residential 2015 By end of 2016 and has moved south, particularly in water- Growth front neighborhoods, to the Navy Yard, Down- 2,700 5,000 town Brooklyn, DUMBO, Gowanus, Red Hook and Sunset Park. As these areas have been Units Units revitalized, developers have been steadily acquiring investment properties ripe for ofce development. In 2015, more than $1 A CHANGING BROOKLYN billion was spent on investment in ofce Why are we now seeing an infux of properties in Brooklyn capital to Brooklyn’s offce market? — a 55 percent increase Simply, Brooklyn has changed. With a growing from the $644 million population of approximately 2.6 million, Brook- spent in 2014. lyn is New York City’s most populous borough, and is one of the most densely populated From single warehouses to multi-building counties in the United States. Further, Brooklyn complexes (plus a few ground-up projects), is leading the entire country, in terms of there are approximately 16 million square feet new multifamily construction. Brooklyn’s of ofce development either planned or in development pipeline shows approximately progress across the borough. This report will 22,000 new apartments in large-scale (20+ take a comprehensive examination of the units) buildings slated to hit the market by intriguing upswing in the development of 2019 — a number that is likely to grow as new Brooklyn ofce space. projects are unveiled in 2016. This dynamic will begin to take efect this year, with 5,000 units BACKGROUND slated to be delivered, compared with 2,700 in or years, ofcials in New York City have 2015. Fput forth a variety of incentives aimed Brooklyn’s residential growth has proven at expanding Brooklyn ofce development, strong and shows no sign of slowing. As Brook- but these efords produced limited results. lyn has been revitalized and developed its own Historically, developers have been known to unique character, many firms have chosen to view the borough as restricted due to move across the East River to better recruit the transportation constraints, a lack of neighbor- creative and innovative individuals associated hood amenities and a perception that the ROI with the borough, while giving their employees on Brooklyn ofce properties could not match shorter commutes. that of Manhattan. 140 BROADWAY 41ST FLOOR | NEW YORK, NY 10005 P: (212) 837.4665 | E: [email protected] INTRODUCTION • MARKETING REPORT • Q1 2016 2 UNITS BY DEVELOPMENT New Development Pipeline: Unit Count 900 856 800 700 740 714 700 600 586 605 554 500 522 500 400 440 440 385 400 401 398 379 372 349 300 296 270 248 200 216 213 224 205 200 197 177 164 157 148 150 100 133 141 120 116 106 95 96 101 105 110 98 93 82 63 74 70 81 64 74 75 50 59 48 46 50 50 0 33 42 38 32 31 COMPLETION YEAR 2016 2017 2018 2019 17 developments, 25 developments, 14 developments, 7 developments, total of 3355 units total of 5197 units total of 3330 units total of 2700 units to be completed. to be completed. to be completed. to be completed. Greenpoint Dumbo Gowanus Williamsburg Downtown Brooklyn Red Hook Bushwick Brooklyn Navy Yard Sunset Park 140 BROADWAY 41ST FLOOR | NEW YORK, NY 10005 P: (212) 837.4665 | E: [email protected] North Brooklyn: Greenpoint Williamsburg Bushwick NORTH BROOKLYN • MARKETING REPORT • Q1 2016 4 Greenpoint Williamsburg North Brooklyn: Bushwick Greenpoint Williamsburg Bushwick N GREENPOINT ickstarter’s corporate move presents an its first Brooklyn outpost, in a 40,000-square- Killustrative case study. The tech startup foot space located in a block-thru, mixed-use relocated from its Manhattan ofce, settling development on Williamsburg’s Bedford in a converted pencil factory in Greenpoint. Avenue. On Kent Avenue, Heritage Equity The waterfront facility is reflective of the new Partners has plans in motion for the Williams- style of ofce space that tech companies are burg Generator; a massive, 400,000-square- seeking, with large floorplates and significant foot, ground-up ofce building that will cater exposure to daylight. Notably, 80 percent of to established tech companies and start-ups. Kickstarter’s existing employees were Brooklyn residents, and the majority of those enjoyed illiamsburg has also been very active on an abbreviated commute along with the Wthe residential side, with approximately innovative environment. 4,300 new units recently constructed or in the pipeline. Notable among these are 1 N. 4th evelopers, taking advantage of Green- Place, a 510-unit luxury building, which started Dpoint’s rezoned waterfront, have created leasing in 2015, and the Domino Sugar Factory, a pipeline flush with new apartments; a likely which is being redeveloped as a five-building driver of the surge in ofce development. complex that will include 2,200 residential units The most notable, with construction already as well as approximately 600,000 square feet underway, is Park Tower Group’s Greenpoint of ofce space. Landing. Along with co-developers L+M De- velopment and Global Property Partners, Park Atlantic Ave. Tower’s 22-acre, 10 building development will bring 5,500 new apartments to Greenpoint. WILLIAMSBURG nown as a residential and retail hot spot, Kthe Williamsburg neighborhood has also become a haven for technology companies. For example, Williamsburg is home to Amazon’s photo facility and the New York City outpost of Vice Media, both of which are located in converted industrial buildings. (Notably, Vice Media stated publicly in 2014 that 400 of its 525 employees lived in the The old Domino Sugar Refinery in Brooklyn, New York. With construction underway, the site of the former factory neighborhood.) Additionally, shared ofce will eventually be home to a massive, luxury style, mixed-use space provider WeWork recently announced S redevelopment project. 140 BROADWAY 41ST FLOOR | NEW YORK, NY 10005 P: (212) 837.4665 | E: [email protected] NORTH BROOKLYN • MARKETING REPORT • Q1 2016 5 BUSHWICK ike its western neighbor, Williamsburg, LBushwick is an area that is primed for new ofce conversion projects as well as residen- tial development. Recently, rapidly expanding tech company Livestream moved from smaller Chelsea quarters into the converted, reinvented, 3rd Ward Building on Bushwick’s Morgan Avenue. As we saw with Kickstarter, the majority of Livestream’s employees live in Brooklyn, which was a significant factor in the firm’s decision to relocate to Bushwick. he area is also seeing a variety of other Tredevelopments, including the former Schlitz Brewery on Evergreen Avenue, which is being converted by Hornig Capital and Savanna into a creative ofce facility named the EVRGRN; a 100,000-square-foot former warehouse being reimagined by Lincoln Property Management into “The Jeferson,” which will consist of tech- based ofce space; and a 75,000-square-foot converted factory on Moore Street, which is being redeveloped by Heritage Equity Partners into the Bushwick Generator, a home to creative and innovative tech companies. strong residential pipeline also comple- ments Bushwick’s ofce boom. Over the A Bedford Avenue and North 7th Street next few years, the former Rheingold Brewery site will become a major mixed-use devel- opment, and two diferent developers have Map of Dumbo, Downtown Brooklyn, and Brooklyn Navy Yard already filed plans for three buildings on the site, 10 Montieth Street (395 units), 123 Melrose Mixed-use Ofces Residential (385 units) and 115 Stanwix (130 units). Cayuga Complex Capital, which has been a long-standing player in Bushwick, has broken ground on 64-unit Greenpoint Landing conversion/new construction rental project at 600 Bushwick Avenue, which is slated for com- pletion in 2017. Lastly, Upper Class Development Kickstarter has filed plans for a seven-story, 42-unit luxury Williamsburg rental project at 810 Flushing Avenue. Generator Amazon 3rd Ward Building 1 North 4th Place The Jeferson Domino Sugar Factory The EVRGRN Wework Bushwick generator 810 Flushing Ave Rheinhold Brewery Morgan Avenue, Bushwick 600 Bushwick Avenue 140 BROADWAY 41ST FLOOR | NEW YORK, NY 10005 P: (212) 837.4665 | E: [email protected] DUMBO BROOKLYN NAVY YARD Brooklyn DOWNTOWN BROOKLYN Tech Triangle: Dumbo Downtown Brooklyn Brooklyn Navy Yard BROOKLYN TECH TRIANGLE (BTT) • MARKETING REPORT • Q1 2016 7 Downtown Brooklyn Dumbo Brooklyn Tech Triangle: Brooklyn Navy Yard Dumbo Downtown Brooklyn Brooklyn Navy Yard As New York City strives to become a direct rival of N Silicon Valley, the Brooklyn Tech Triangle (Dumbo, Down- town Brooklyn, and Brooklyn interconnected complex made up from the Navy Yard) is the city’s strongest tech former Watch Tower Buildings.
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