Brooklyn's Progress
June 2001

Industrial Space at 20 Jay Street in DUMBO is Printer’s New Paradise David Walentas, President of Two Trees Management Company, and Barry Gosin, Vice-Chair and CEO of Newmark & Company Real Estate, Inc., the exclusive leasing agent for DUMBO, announced recently that Precise Corporate Printing signed a 30,000 sq-ft lease expanding their operations to 20 Jay Street, one of 14 properties owned by Two Trees Management Company in DUMBO (Down Under the Manhattan Bridge Overpass), a vibrant live-work neighborhood in Brooklyn. Precise Corporate Printing joins a long list of printing companies that have relocated to DUMBO from Manhattan. Precise Corporate Printing, a full-service printing company with over 17 years of experience, will occupy 30,000 sq-ft of industrial space featuring 13-foot-high ceilings, 200 pound floorloads, large freight elevators, and indoor parking. Moving the operations to 20 Jay Street gives Precise Printing direct access to the Manhattan and Brooklyn Bridges, and close proximity to Manhattan. Precise will take advantage of economic incentives available from New York City, including the REAP program, which provides an annual $3,000 per employee tax credit, the Printer’s Relocation Fund, a discretionary fund which reimburses printing companies for relocation costs, and reduced rate power. Together, the incentives bring Precise’s net effective rental rate to under $5 per square foot. “The warehouse style space at 20 Jay Street is ideal for any industrial tenant that has special mixed-use needs, especially professional printing shops,” said Mr. Walentas. “Accommodating Precise was simple because 20 Jay Street meets their requirements for large space with industrial specifications combined with great access to the entire city by car and subway.” “We recently acquired a new company located in New York City. Keeping the operations in Manhattan was not cost-effective,” said Jim Donnelly, owner of Precise Corporate Printing. “Expanding in DUMBO made sense for us. The space at 20 Jay Street can accommodate our operations and new 6-color machinery. This is important for our business as we can now offer new color services to our clients.”