ICSC 2015

New Renderings, Details Revealed for Dekalb Market Hall

3 Photos

Signage for DeKalb Market Hall.

“I’m just trying to create a really great gathering place for people to hang out,” Anna Castellani, the president of Local Culture Management and a partner in DeKalb Market Hall, told Commercial Observer. Ms. Castellani is partnering with Acadia Realty Trust and Washington Square Partners, co-developers of Downtown Brooklyn’s City Point, home to the 27,000-square-foot concourse-level DeKalb Market Hall. Opening early in the mornings, the market is “going to be open late-night as well.”

Ms. Castellani said the food hall, for which she has a 20-year lease, is about 50 percent spoken for and by the time it’s done there should be 40 vendors. Slated to open in spring 2016, tenants include Arepa Lady, Eight Turn Crepe, No. 6 Coffee, Forcella Pizza, Pierogi Bar, Fletcher’s Brooklyn Barbecue, Pain d’Avignon, Steve’s Ice Cream and Cuzin’s Duzin and likely Katz’s Delicatessen as an anchor. Read More

Sales Beat

Gary Barnett Pays $115.5M to Build Resi Tower at City Point

City Point

Extell Development has paid $115.5 million for the rights to build a mixed-use tower at City Point in Downtown Brooklyn, marking the first venture for the company in the fledgling borough.

Gary Barnett, the president and founder of Extell, plans to start construction on the 665,000-square-foot tower in 2017 and hopes to finish by 2020, according to City Point developers Acadia Realty Trust and Washington Square Partners, which sold the rights to the developer. Read More

Brooklyn Issue

City Point of No Return

CityPoint

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

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

Lease Beat

Stempel Bennett Renews on Third Avenue

Courtesy of Simplestock

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. Read More

Mortgage Observer

Development Projects Abound, But Boroughs Still Under-Retailed

Throggs Neck Shopping Center.

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. 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