Attorneys Chafe at 16 Court's New Rules

(This story, in slightly different form, originally appeared in the New York Law Journal.)

NEW YORK CITY-Suddenly, the days of leaky roofs and dingy hallways are looking like the good old days. Two years ago, when new owners purchased the landmark 16 Court St. tower, which has served as the location of choice for generations of Brooklyn attorneys, rumors swirled that the building would soon be transformed to luxury condominiums. Thanks to the worst financial crisis in nearly a century, that fear has long since faded.

However, in interviews with about a dozen attorneys with offices in the historic tower, as well as several who recently left, lawyers uniformly complained about the new ownership, SL Green, and 16 Court’s transformation from an affordable, if run-down family-run building, to an impersonal and expensive office tower. The chief complaint was that while other commercial spaces in Brooklyn have seen rents drop by as much as 20%, 16 Court has been raising rents, often substantially.