Though controversy has surrounded the City Point development in Brooklyn since its inception, the development’s first residential tower is rising under the radar as the tussles subside, at least temporarily, and the commercial real estate industry readies for a major boost for the Downtown Brooklyn area.
The residential portion of the project’s second phase has risen Read More
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
Stempel Bennett has renewed its lease on Third Avenue, the Commercial Observer has learned.
The law firm will continue to operate out of the 8,496-square-foot 22nd floor of 675 Third Avenue for another 10 years. The firm initially moved into the Durst Organization’s neighboring building, 655 Third Avenue, and made the move a few stops down the block about a decade ago.
New York City is the number one retail location in the world. Retailers from around the world flock to open flagship stores throughout the Big Apple. Apple’s store on Fifth Avenue, with its familiar cube, has the highest revenue of all Apple stores. Then there are the flagships of Uniqlo, Zara, Tiffany & Co., Bergdorf Goodman and a cast of others. Nevertheless, when you ask prominent owners of commercial real estate as well as local and national retailers, the general consensus is that the outer boroughs of New York City are severely under-retailed.
Eastern Consolidated’s Barbara Byrne Denham reported in May 2012 that retail sales per capita ratios for the outer boroughs were far below the national average. Brooklyn was 39 percent below, Queens was 40 percent below and the Bronx came in a whopping 60 percent below.
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.”
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.