For the real estate crunch, the Coalition suggests the following: activate key buildings, including more than 700,000 square feet of property owned by the Watchtower at Sands Street; 200,000 square feet of office space at the Empire Stores in DUMBO; 1.2 million square feet of commercial space surrounding Cadman Plaza and government-owned and occupied buildings such as the Municipal Building at 210 Joralemon Street, 65 Court Street, and the U.S. Post Office and Courthouse at 271 Cadman Plaza East.

Move government tenants from DUMBO and preserve existing space in tech occupied buildings that have residential zoning options; create a master lessee program to designate an organization to carry umbrella long-term leases and credit-worthiness on behalf of multiple short-term leases for tech firms; designate a special innovation district to allow minimal residential density to subsidize the conversion of storage and warehouse buildings into new space for the innovation economy; start a commercial modernization incentive program to encourage building owners to refurbish their buildings to meet tech needs such as creating open plan spaces by providing dollar-for-dollar matching amortization over five years.

Lastly, it's suggested that the city allow for the transfer of air rights from buildings along the Fulton Mall to other properties within the Downtown Brooklyn District, provided owners on the Mall take action to transform the derelict upper floors of their buildings into space for the innovation economy to grow.

The plan also makes suggestions for maximizing tech talent within local communities and universities; improving transportation to and within the Triangle; improving the “energy and vibe” of the area and making the area more tech friendly as well as more well-known. Click here for the full plan.

“Innovative companies want to grow and create great jobs here. We have to unlock the potential of our real estate—the buildings that were home to New York's industrial boom once before—to make sure they can do just that. We also have to unlock the potential of our local workforce to make sure they can give those jobs to New Yorkers for years to come,” says Alexandria Sica, executive director of the DUMBO Improvement District, in the announcement.

Funding and other support for the Brooklyn Tech Triangle initiative has come from the Empire State Development Corp.; the Office of New York City Deputy Mayor for Economic Development; the New York City Dept. of Small Business Services; the New York City Council and Speaker Christine Quinn; Brooklyn Borough President Marty Markowitz; New York University; Polytechnic Institute of New York University; the NYU Center for Urban Science and Progress and the Brooklyn Community Foundation.

Watch for a story later today about one Manhatttan-based university that has pledged to open a facility in Brooklyn to foster tech growth.