Brooklyn's Progress
January 2004

In a letter dated Nov. 10, 2003, Chris Havens of Two Tree Management provided an update on the company’s real estate activity: 

While the vacancy rate on Court Street continues to be higher than recent years, small spaces are leasing relatively quickly, especially those with good exposures. DUMBO has seen a strong surge in leasing, with larger tenants more active in the market as well. 

Demand for retail space in the Court and Montague corridors exceeds supply, with spillover to Atlantic Avenue bringing better stores to the area.

Time Equities’ huge Schermerhorn site is expected to go into the ground this winter. Brooklyn Law School’s site should be topped off shortly.  Forest City’s Atlantic Terminal Mall is nearly complete, promising a much anticipated Target Store later next year. The BAM LDC’s 80 Hanson Place office building project dedicated to arts organizations has begun, bringing much needed small spaces to the large and growing Brooklyn arts community.

The Brooklyn Historical Society’s Pierrepont Street home is now open to the public, after a long and meticulous upgrade, preservation and restoration. 

Neighborhoods surrounding Downtown Brooklyn continue their run up, notwithstanding the tough job market in the city. Buyers continue to outnumber sellers, mirroring the commercial market.

Behind the scenes maneuvering continues over the City/TA 370 Jay Street property. A teardown, the site could support a substantial commercial building.