Brooklyn's Progress
January 2004

By Ingram & Hebron

Reflecting a strong and vibrant leasing market in Downtown Brooklyn, Ingram & Hebron expects to close the third quarter of 2003 with more than 72,000 square feet of space leased in Brooklyn. The fourth quarter of 2003 is also shaping up as a good quarter with 16,000 square feet of leases out, two 25,000 square feet requirements, a 10,000 square foot requirement and several 3,000 to 5,000 square foot requirements in the house. The last half of 2003 is projected to better than the last half of 2002 by 15 percent.
 
All of these rentals are in the Class B segment of the market. Class A space coming on stream in Downtown in 2004 is about 375,000 square feet with rents in the $38 to $42 per square foot range. Class A space is new construction and Class B space is renovated office space.

Significant third quarter leases include Grace Institute of Business Technology, a 600-student adult school. Grace signed a 22,192 square foot lease in the newly renovated JW Mays building at Nine Bond Street. The price was in the mid $20 range. Suzanne Schwimmer and Bob Hebron of I & H represented both sides.

Long Island College Hospital signed a 4,112 sq ft. lease at 146 Pierrepont Street, one of five TreeLine buildings in Downtown Brooklyn. The Hospital plans to put a women’s health center at this location run by Dr. Millicent Comrie, recently named one of “The 25 Influential Black Women in Business.” The price was in the mid $30 range. Suzanne Schwimmer and Bob Hebron represented both sides. I & H completed another 12,000 square foot of leases in TreeLine buildings. Three medical groups accounted for 8,400 square feet of the 12,000 square feet and rents were in the mid $20 range.
 
I & H was also active in DUMBO. Alexis Bittar, a manufacturer of high-end fashion costume jewelry signed a 4,753 square foot deal. A not-for-profit leased 2,536 square feet. Rents were in the mid-teens. Suzanne Schwimmer of I & H was the agent.

I & H completed a 5,200 square foot sublease at Renaissance Plaza, 335 Adams Street. Merrill Lynch was the sublessor and LTK Engineering the subtenant. Rent was in the low 30’s. Bob Hebron represented the subtenant and Frank Pagano of Corporate National Realty Inc, represented Merrill Lynch.

In retail leasing, I & H, together with Premiere Properties and MC O’Brien co-broked a 10,278 square foot lease at 120 Court Street, at the corner of Atlantic and Court Streets. The tenant was Genovese/Eckert and the owner was Court Atlantic LLC. Bob Hebron and Pete McCabe were the I & H agents.

In the sales division of I & H, Paula Ingram and Cara Sadownick negotiated the sale of the lot at the corner of Smith St. and Atlantic Ave. The seller was Empire State Development Corp. and the buyer was Boylemgreen Development. Selling price was $3.3 million. Ground breaking on the 110,000 square foot, ten-story building took place in May. There will be five stories of residential condos, three stories of commercial, one floor of community facility and one of retail.

Paula Ingram and Waverly Hundley of I & H represented the seller and Bill Hendrickson of Harbor View Realty represented the buyer in a transaction in which 290 Flatbush Ave. was sold by the Brooklyn Tabernacle to Tom Anderson, a developer. The price was $4.75 million.

Other sales included two commercial condos, one at 360 Court St. which was sold to a medical group for $475,000. Paula Ingram of I & H represented both sides. The other commercial condo was at 141 Atlantic and was sold for $750,000. Suzanne Schwimmer and Paula Ingram of I & H represented both sides.