Lease Beat

Brooklyn’s City Point Lands First Office Tenant

A rendering of City Point

Artist management and creative content agency Art Partner has signed a 15-year lease to occupy 10,000 square feet at the City Point in Downtown Brooklyn, becoming the development site’s first office tenant.

The agency, whose services include production, syndication and licensing for print, film, social media and more, plans to relocate from its Hudson Square Read More

Controversies

Acadia Realty Trust Speaks Out After Verbal Assault of its City Point Development in Brooklyn

City Point Rendering

Developers of the City Point project in Brooklyn want to set the record straight following a unionized protest and a fiery letter from the president of the Building & Construction Trades Council of New York claiming that the project exploits the community and burns taxpayer dollars.

In addition, some industry experts agree that less union work is simply a wave of the future that began decades ago.

While a spokesperson for developer Acadia Realty Trust expressed reluctance to get into a full-on spat over the issue, he defended his firm’s stance on the project, countering critics who said the project abuses taxpayer dollars.  He claimed that the project benefits from a single government subsidy — and that it is essential for the affordable housing component.

“City Point will generate thousands of jobs and enhance Downtown Brooklyn’s quality of life,” said Tom Montvel-Cohen, with Acadia Realty Trust.  “We are committed to maximizing local and minority contracting and employment as we create a LEED-certified development with the affordable housing, retail and entertainment options that the neighborhood well deserves.” Read More

Fulton Mall

Century 21 to Open in Fulton Mall

Fulton Mall (photo from Wall Street Journal)

Department store Century 21 will open a new 125,000 square foot outpost in Fulton Mall, giving the retail corridor an upscale tenant to mingle with the current mix of affordable shops like Jimmy Jazz and Conway, The Wall Street Journal reported this morning.

Century 21 will be setting up shop in the City Point development, which, when complete, will feature 1.6 million square foot mix of retail and affordable housing, according to its website. The project, which is being developed by Albee Development LLC and designed by Cook + Fox, has already embarked upon its first phase: the construction of 50,000 square feet of retail. Read More