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Explore Brooklyn (July 2017)

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Explore Brooklyn (July 2017) SPECIAL ADVERTISING SECTION OF CRAIN’S NEW YORK BUSINESS BROOKLYN WHY KINGS COUNTY IS KING very borough has its fans, but only Brooklyn has a residential and commercial real estate markets are hot. little bit of everything that makes New York City so Public and private investments in sites from Brooklyn’s Especial. industrial past have coaxed the Brooklyn Navy Yard and Industry City into new life as hubs of innovation and It’s got fabulous food, beautiful views, leafy streets and industry. a retail landscape that lets you shop until you drop. With some 40% of its population foreign-born, it has residents Culture has always been at the heart of Brooklyn. from all over the world. Brooklyn’s got Prospect Park, Relationships with newcomers in retail and commercial the Brooklyn Bridge Park, Coney Island, the Nets, live real estate, however, have created some surprising new music venues, live theater, the Barclays Center, the New options that will appeal to the most jaded Brooklynites. York Aquarium, Brooklyn Museum, Brooklyn Children’s Museum, BAM and the Brooklyn Botanic Gardens. For example, this summer the Brooklyn Bridge Park Conservancy has partnered with DeKalb Market There’s the Brooklyn Bridge to stroll across; or the Hall—a new 60,000-square-foot food hall in Downtown Manhattan skyline to gaze at, from the Promenade in Brooklyn—to bring local, regional and international Brooklyn Heights; or a view of the Statue of Liberty to food-and-drink vendors to the 18th annual Movies With admire, from the shores of Red Hook. a View. And at Industry City’s Summer Spree, there are concerts programmed by the Williamsburg venue, Brooklyn, let there be no doubt, is just plain cool. Brooklyn Bowl. But the borough isn’t just a place to play. Both its It’s summer. Get out there and enjoy Brooklyn! SPECIAL ADVERTISING SECTION OF CRAIN’S NEW YORK BUSINESS EXPLORE BROOKLYN 16 COURT The current building boom has its roots in the AT MONTAGUE STREET A building boom hits Downtown Brooklyn Downtown Brooklyn District that New York City rezoned in 2004 for greater commercial density. The neighborhood is sprouting new places to live, work and play Since the rezoning, there has been a $400 million public investment in roads, parks, cultural venues and public spaces, according to the Downtown Brooklyn Partnership. DOWNTOWN BROOKLYN’S BEST PRE-BUILT SUITES The private sector has committed to making another $11 billion in investments in projects that are completed, underway or in the pipeline: some 40 million square feet of residential, commercial and institutional space. Among them are the redesign of the Cadman Plaza Brooklyn Library into a 36-story luxury residential tower; a mixed- use tower at 141 Willoughby St., at the intersection of Flatbush Avenue; and by Alloy Development, a proposed mixed-use development that includes two public schools, 900 market-rate and affordable apartment units and commercial space, at 80 Flatbush. And while the planned office, retail and residential space will recast Downtown Brooklyn in years to come, there have been other visible changes. In June, a Trader Joe’s as well as DeKalb Market Hall had their debuts at City Point. The grocery store chain’s second Brooklyn location and the new all it a sign of times to come. In June, the Jehovah’s Witnesses requested a permit to Cremove the huge “Watchtower” sign that for decades has defined part of Brooklyn Heights’ “ We’re at this amazing turning point in skyline. The sign’s planned removal is symbolic of a new era of Downtown Brooklyn as a commercial hub. Downtown Brooklyn where we’re seeing The Watchtower Building complex, owned by the Jehovah’s Witnesses for decades, was sold a really mixed-use environment.” last year to a partnership of developers for $340 million. Now being marketed as Panorama —Regina Myer, president, Downtown Brooklyn Partnership Brooklyn for its gorgeous views of the Brooklyn IT Bridge, East River and Manhattan, renovations at LIVWRK, and RFR Realty bought another Jehovah the multi-building mixed-use complex will result in Witness property and put $100 million into a gut market, which has some 40 food vendors, are COATS 35,000 square feet of retail space and 635,000 of renovation of the 1 million-square-foot site, now joining Target, Century 21 and other retail options office space, with the developers hoping to lure a home to Etsy and WeWork. at the massive City Point site. giant anchor tenant with at least 5,000 employees. Downtown Brooklyn’s appeal as a tech hub for With all the development in Downtown Brooklyn, PANTRY “Panorama will mark a shift in what America’s millennial workers, coupled with a low commercial it’s easy to forget that the neighborhood is home to COATS/STORAGE 1,909 – 3,334 RSF best companies expect in an urban office setting,” vacancy rate of around 3%, is fueling this fervent 13 higher education institutions. One of them, New Asher Abehsera, chief executive of Panorama’s rebuilding. Tishman Speyer is trying its hand at its York University’s Tandon School of Engineering, has IT 2 3 4 5 N R co-developer LIVWRK, said in a statement in May first development in Brooklyn: a 620,000-square- been renovating the 500,000-square-foot former ON TOP OF THE announcing the project’s design. foot office tower that will crown the existing Macy’s MTA building at 370 Jay St. Ready by September, it STOR. department store in Downtown Brooklyn at 422 will be a hub for engineering, applied sciences and + Open pantries and layouts + New bike room PANTRY Downtown Brooklyn has long been a highly Fulton Street. The $500 million, 10-story building digital disciplines; and house the school’s Center PANTRY SUITE 504 2,405 RSF desirable residential neighborhood, with multiple is slated for mid-2019 occupancy. Also in the works for Urban Science and Progress. NYU pledged to IT + New Gregory’s Coffee Shop + 12 foot slab heights transportation options that feed into Manhattan. is One Willoughby Square, an office tower of at invest $500 million in Brooklyn by 2022. NYU’s In more recent years, the neighborhood has also least 500,000 square feet and 36 floors planned non-residential owned and leased space in Brooklyn COATS caught the imagination of commercial developers. by JEMB Realty and Forest City Ratner Cos. In will increase from 600,000 square feet to 1.1 announcing the project, which had not yet secured million, nearly doubling its academic presence in SUITE 501 1,909 RSF SUITE 503 2,053 RSF The Downtown Brooklyn Partnership, an alliance an anchor tenant, JEMB called One Willoughby “the the borough. The investment, said the partnership’s PANTRY of businesses and business improvement districts, first speculative ground-up office development Myer, will “transform Downtown Brooklyn just south reports that 10,500 units have been completed, project in Downtown Brooklyn in decades.” of MetroTech Center.” since 2004, in Downtown Brooklyn. Another 4,500 COATS units are under construction and 5,000 more are IT in the pipeline. “We’re at this amazing turning point in Downtown Brooklyn where we’re seeing a really mixed-use PANTRY environment,” said Regina Myer, president of the partnership. “This is really new for Downtown COATS Brooklyn. There are developments that show how SUITE 502 3,060 RSF resilient downtown is, with fabulous transportation IT options.” SUITE 505 3,334 RSF While Downtown Brooklyn has a solid reputation as a great place to live and play, it has been slow to win over global corporations as a work destination. The Panorama Brooklyn project is one of several ROLL RIGHT IN TO DOWNTOWN BROOKLYN’S BEST OFFICE BUILDING WIRED WIRED new developments that aim to change that GOLD GOLD perception. The 739,000-square foot property is owned by a joint venture of CIM Group, Kushner Companies and LIVWRK. In 2013, Kushner, Trader Joe’s at City Point, Brooklyn, opened June 23, 2017 Jeremy Bier, Vice President WIRED WIRED Rob Hebron, 718-624-0011 x-10, [email protected] 212-216-1722, [email protected] GOLD GOLD Robert F. Hebron, 718-624-0011 x-15, [email protected] Krystyn Gatto, Leasing Associate Bosko Stankovic, 718-624-0011 x-14, [email protected] 212-356-4106, [email protected] slgreen.com CN018297.indd 1 6/30/17 11:05 AM SPECIAL ADVERTISING SECTION OF CRAIN’S NEW YORK BUSINESS EXPLORE BROOKLYN Only hospital in New York with Top-Rated angioplasty Gibbs said Maimonides is letting others take the lead Maimonides and cardiac surgery1 on running urgent-care centers. The hospital is about to test a model built on a relationship with a group of primary-care doctors who come from the community they serve, who will seamlessly work with Maimonides Only hospital in New York when patients require more complex care. Cardiac with Top-Ratings in all three Maimonides is partnering with the Coalition of angioplasty rankings1 Asian-American IPA, or CAIPA, a physician network that caters to the many Chinese immigrants in Brooklyn. Maimonides and CAIPA have been renovating a 1,000-square-foot storefront to Only hospital in New create an Express Care Center, ready by the end Surgeons York with signifi cantly of the summer, that will be open from 6 p.m. to midnight. The site will be staffed by Maimonides low mortality rates for doctors for after-hours care. Have Better Mortality Rates emergency angioplasty Brooklyn Hospital Center’s ambulatory care cases1 centers and physician offices also are expanding 1 hours to accommodate patients’ demand for than any Hospital in Manhattan convenient hours, said Dr.
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