Search
 

Two Trees Revitalizing Brooklyn Waterfront

NEW YORK CITY-SoHo fever has crept across the river into DUMBO. Two Trees is bringing a new kind of waterfront to the city, helped by state and city financial incentives, bringing asking rents to less than $10 per sf.

By Betsy Kraat | Updated on April 29, 2001

NEW YORK CITY-Brooklyn celebrated its first Building Brooklyn Awards last week. The ceremony was held in the latest hip acronym, DUMBO, (Down Under Manhattan Bridge Overpass). The newly revitalized area has much to offer–new tech-spec buildings and a view of Manhattan.

David Walentas of Two Trees Management, a real estate development firm, asks what’s taken the commercial real estate community so long to recognize this gem. “It’s just fantastic down here. The proximity to lower Manhattan, that quintessential view of the Manhattan skyline–plus it’s just a fun place to be.” What increases it’s appeal is the financial incentives offered by the city and state to revitalize the area have brought asking rents down to less than $10 per sf. Walentas has been able to attract retail in unique ways. “We gave many of our retailers a year’s free rent, if not more. It adds value to the neighborhood.”

“It’s a great mixed-use neighborhood, we have buildings with underground parking, high-tech wiring and great infrastructure,” says Walentas. Will tenants buy it? “Restaurants and galleries are starting to pop up, condos are being developed and the creation of this neighborhood is starting to take shape. It’s where SoHo was 25 or 30 years ago. If office tenants can see enough going on they will start considering moving into the area,” says Bruce Rothman, managing director at Julien J. Studley.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.