1000 Dean Street
Every year some 2 million tourists ride the Staten Island Ferry to get a better look at the Statue of Liberty, Ellis Island and the New York City skyline. Yet the vast majority of those sightseers spend little time on Staten Island itself, preferring instead to do the “Staten Island shuffle” and mill about the ferry terminal before catching the next boat back to Manhattan.
A group of investors are betting big that those travelers—and New Yorkers from the other boroughs—can be persuaded to extend their stays on the island’s North Shore. From the city’s first outlet mall to the world’s tallest observation wheel, ambitious plans are in the works to make the “forgotten borough” a destination all its own.
Brownstoner Media, BFC Partners and the Goldman Sachs urban investment group opened a 150,000-square-foot gut renovated office warehouse at a ribbon cutting ceremony at 1000 Dean Street in Crown Heights this morning.
The roughly $19 million facelift at the four-story former storage facility at an old Studebaker service station has flipped a building Brownstoner founder Jonathan Butler says he and his backers purchased for $11 million in March 2012, as Commercial Observer reported in February.
A number of real estate executives have come out today in support of Mayor Bill de Blasio‘s plan to tax high-earners to fund universal prekindergarten and after-school programs, representing the latest group of executives to join a grassroots campaign called UPKNYC, Commercial Observer has learned.
The New York City Council approved plans yesterday for the 630-foot New York Wheel and Empire Outlets mall after an undisclosed agreement hashed out by the developer of the mall and the Building and Construction Trades Council earlier this week. Read More
After establishing Brownstoner.com and the Brooklyn Flea, Jonathan Butler has expanded his Brooklyn empire into brick and mortar, acquiring 1000 Dean Street in a joint venture with BFC Partners and the Goldman Sachs urban investment group. The 140,000-square-foot commercial building in Crown Heights will open for occupancy on October 1 and is expected to welcome a mixture of artists, technology firms and nonprofits, offering lower-cost office space for Brooklyn’s entrepreneurial class. Mr. Butler spoke with The Commercial Observer outside his office in Dumbo last week, offering insight into his motivation for acquiring the property and his vision for the future.
Staten Island’s proposed Empire Outlets development project – and an accompanying 600-foot, $300 million ferris wheel – entered into the city’s six-month Universal Land Use Review Procedure yesterday.
If the zoning changes and special permits required for the construction of the development (and the giant wheel) are granted upon completion of the review, Brooklyn-based developer Read More
Forest City Ratner has included plans for a 400,000-square-foot WeWork headquarters as part of its bid for a mixed-use development project at Seward Park in the Lower East Side, the Wall Street Journal reported.
WeWork, a rapidly-growing communal office space provider for startups, already has offices in Soho, Midtown and the Meatpacking District, Read More
A third wave of mourning for dear departed dive Mars Bar crested yesterday when news broke that TD Bank had signed a lease at the former site of the punk-drunk-artist-squatter-hanger on haunt whose closure and demolition in 2011 was seen by many as (yet another) nail in the once-scruffy East Village’s burnished coffin.
Now, a source familiar with the deal tells us that the lease includes a second retail space whose future tenant could assume the notorious Mars Bar’s trade name and liquor license. The development company BFC Partners reached an agreement with the Mars Bar crew that would allow the next commercial tenant to occupy a 4,456-square-foot basement and ground floor space under the proud, stubborn and–who knew?–business-minded Mars Bar auspices.