NYPD and Manhattan DA Look to Sign Big Leases at Sunset Park Warehouse
By Rebecca Baird-Remba February 16, 2018 4:58 pm
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The New York City Police Department and the Manhattan District Attorney’s office are close to leasing 174,000 square feet for records and evidence storage at 4312 Second Avenue, a big industrial building between 43rd and 44th Streets in Sunset Park, Brooklyn, Commercial Observer has learned.
The NYPD Property Clerk division, which stores evidence and other kinds of property seized by the police, plans to remain in the 78,000 square feet it occupies on a month-to-month basis on the entire top floor of the six-story warehouse, according to a spokeswoman for the Department of Citywide Administrative Services. And the NYPD’s Records Unit hopes to move from the sixth floor to 20,000 square feet on the ground floor. Both arms of the agency expect to sign 12-year leases in the next few months, after the city’s Office of Management and Budget greenlights the deals.
The Records Unit expects to pay $22 a square foot for the first two years of the lease, per the City Record. The NYPD will pay $444,647 a year for the first and second years of the lease, $471,726 ($23/sf) annually for the third and fourth years, $500,454.68 ($25/sf) annually for years five and six, $530,932 ($26/sf) for years seven and eight, $563,266 ($28/sf) for years nine and 10, $597,569 ($29/sf) for years 11 and 12, $633,961 ($31/sf) through May 2030.
Meanwhile, the DA’s office currently occupies 76,000 square feet on the fifth floor of the building. It also hopes to convert its month-to-month license with the landlord into a 12-year lease. DCAS, which handles property leasing and sales for city agencies, rented the space for the agency in 2012 after the city asked the DA’s office to move out of the Brooklyn Municipal Building, DNAinfo reported in 2015.
Pinnacle Realty’s David Junik and Steven Nadel are representing the landlord in these transactions. Unnamed brokers from CBRE are negotiating on behalf of DCAS. A CBRE spokeswoman declined to comment, and Junik didn’t return a request for comment.
The property is also home to a third major city tenant. The New York City Board of Elections stores voting machines in the 157,000 square feet it leases on the third and fourth floors of the massive structure.
The Damast family’s Commodore Manufacturing Corporation purchased the 600,000-square-foot building in the 1990s and used it to store and manufacture Christmas decorations. The firm still owns the block-long property and leases 50,000 square feet there. After it largely outsourced its operations to China, it renovated the building and started leasing to city agencies, The Real Deal reported in 2014.
