On the Market

Mixed-Use Property Near Barclays Center Hits Market at $8M

260 Flatbush Avenue

A Park Slope mixed-use property three blocks from Barclays Center has come on the market for $8 million, Commercial Observer has learned.

The residential and retail property, at 260 Flatbush Avenue, also known as 89-91 Prospect Place, is being exclusively marketed by Eastern Consolidated. The buyer can erect a seven-story addition on top of the existing 3,975-square-foot, one-story structure. Read More

Barclays Center

Barclays Center Soundproofed Before The Ozzman Cometh

Vocalist Ozzy Osbourne and Black Sabbath will play a newly dampened Barclay's Arena next month. (Credit: virginmedia.com)

Particularly loud acts visiting the Barclays Center in Brooklyn will be asked to keep the noise down despite the recent installation of 1,800 insulated ceiling panels meant to keep sound from escaping the arena and into the rattled ears of fed up neighbors. 

The installation of the ceiling panels, first reported in atlanticyardsreport.com, followed a string of noise complaints by disgruntled neighbors which in May of last year led to a $3,200 noise violation fine.

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The Sit-Down

Tucker Reed Won’t Sleep Until Downtown Brooklyn Becomes a 24/7 Community

Tucker Reed, president of the Downtown Brooklyn Partnership

Tucker Reed is sweet on Brooklyn—big time. A resident of Prospect Heights who enjoys frequenting the Barclays Center, the Brooklyn Museum and the Brooklyn Academy of Music, Mr. Reed is a champion of the city’s most populous borough. He is a ball of energy as he talks about all of the work the Downtown Brooklyn Partnership has done with him as president for the past two years, from supporting the technology sector with the Brooklyn Tech Triangle Coalition to establishing Downtown Brooklyn as New York City’s college town. About a year after Commercial Observer conducted the Sit-Down interview with Mr. Tucker, we wanted to check in and see how the nonprofit has been doing with the reinvention of Downtown Brooklyn. Read More

Lobby

MaryAnne Gilmartin Named Co-Chair of Downtown Brooklyn Partnership Board

MaryAnne Gilmartin

MaryAnne Gilmartin, president and CEO of Forest City Ratner Companies, and tech leader MakerBot CEO Bre Pettis will serve as the new co-chairs of the board of directors of the nonprofit Downtown Brooklyn Partnership.

“When the Downtown Brooklyn Partnership launched in 2006, Downtown Brooklyn looked, felt and served a very different role than today,” Downtown Brooklyn Partnership President Tucker Reed said in a statement. “Now, new firms and families are choosing to be here because of the neighborhood’s strong foundation and rich history. MaryAnne and Bre embody a new generation of Brooklyn entrepreneurs, and I am delighted that we’ll be able to tap into their experience and wisdom.” Read More

Sales Beat

Massey Knakal Arranges $8.9M Retail Sale Along Flatbush Avenue

357-365 Flatbush Avenue

Massey Knakal has arranged the $8.9 million sale of a 10,400-square-foot mixed-use building at 357-365 Flatbush Avenue, located between Sterling and Park Places in Brooklyn’s Prospect Heights neighborhood.

The new owner purchased the property as a retail play, with hopes of bringing in a major retailer in the vein of a CVS or Duane Reade—if not a fashion boutique Read More

Atlantic Yards

Forest City and Greenland Group Complete Atlantic Yards Partnership Agreement

atlantic-yards

Forest City Enterprises and Greenland Holdings Group, a Chinese state-owned developer, have completed an agreement for a joint-venture to develop Atlantic Yards, the companies announced today.

The two parties had previously announced a preliminary deal in October under which Greenland would acquire a 70-percent stake in the Atlantic Yards project from Forest City. Expected to close in 2014, the joint venture includes phases one and two of the project, excluding the Barclays Center and the B2 modular housing tower.

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Lease Beat

Little Cupcake Bakeshop Bites Into Prospect Heights Lease

The Nolita branch of Little Cupcake Bakeshop

Little Cupcake Bakeshop signed a 15-year, 2,200-square-foot lease at 598 Vanderbilt Avenue in Prospect Heights and not far from the growing constellation of dining options around the Barclays Center.

It’s the third outpost of the bakery, which debuted eight years ago in Bay Ridge and in 2010 expanded to Nolita. Asking rent was $150 per square foot. The store is split between a 1,000-square-foot basement and 1,200-square-foot ground floor. Read More

Atlantic Yards

Forest City Ratner Sues the City for More Atlantic Yards Tax Breaks

The arena is there, but the housing towers remain ghosts.

Apparently, $761 million in subsidies and tax breaks isn’t enough for Forest City Ratner. The Atlantic Yards developer is thanking the city for its generosity by suing the Department of Finance for a lower tax assessment.

The developer has filed a lawsuit against the Department of Finance, in an attempt to knock down the market value assessment on block 1129, which comprises the southern section of the development site, from $11.2 million to a scant $1.6 million, DNAinfo reported today. Read More

Atlantic Yards

Barclays Center’s First Year, By The Numbers

Jay-Z Opens Barclays Center - Show

By most measures, the Barclays Center had a very good year since opening with eight Jay-Z concerts a year ago this Saturday, including hosting MTV’s Video Music Awards last month. As the statistics show, its success as a concert venue was significant, even if audience attendance was bolstered in some part by ongoing renovations at Madison Square Garden.

While some scheduled events never came to fruition, the total number of events lagged behind several estimates, and the start-up costs were a drag on profits, the Barclays Center will get a big bump during the 2015-2016 season when the New York Islanders move in.

Norman Oder of the Atlantic Yards Report gathered and crunched the numbers for The Commercial Observer to assess the promises, projections and realities.

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Barclays Center

Barclays Center Seeks Second-Year ‘Efficiencies’

Barclays-Center-SHoP-main

The busy Barclays Center in Brooklyn may have earned steady revenue in its first year, but the cost of running the building to ensure a good customer experience means a “slower-than-expected ramp-up” and a drag on Forest City Enterprises operating margins, officials said this morning.

Coming soon are some “efficiencies,” yet unspecified, but likely involving staff, given previous statements that start-up staffing was higher than anticipated over the long-term. “We have, with the arena management, come up with ways to keep the service level but drive the efficiencies at multiple areas within the building,” MaryAnne Gilmartin, CEO of subsidiary Forest City Ratner, told investment analysts during a conference call this morning to discuss second-quarter results.

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New Developments

Forest City Affiliate Beats Out MSG in Race to Redevelop Nassau Coliseum

Nassau Events Center LLC, an affiliate of Forest City Enterprises, has been awarded the rights to develop the site of the Nassau Veterans Memorial Coliseum, County Executive Edward Mangano announced today. The Forest City bid beat out a rival effort from the Madison Square Garden Company.

“I am pleased to announce that Nassau Events Center, LLC is the successful proposer to transform the 43-year old Nassau Veterans Memorial Coliseum and Plaza into an attractive, first class destination for family fun, sports and entertainment,” Mr. Mangano said in a prepared statement. “This is also the unanimous recommendation of the County’s RFP Committee.” Read More