Commercial Real Estate in Brooklyn New York is more exciting than ever before. Today's blog touches on three different brilliantly creative, innovative and entrepreneurial, newsworthy occurrences in Brooklyn Commercial real estate news.
Mr. Baldev Duggal invested $5 million to transform a dilapidated ship repair facility located in The Brooklyn Navy Yard, into The Duggal Greenhouse, a laboratory in new technology devoted to solving global electricity, water and agricultural problems. The Greenhouse is also New York's newest premier 35,000 square foot event space for live events, private functions, fashion shows etc. This ecofriendly structure uses solar and wind power to help run the facility. The Greenhouse has a unique private waterfront patio and a Vertical Garden wall, designed and installed by Laurent Corradi and his partner Marie-Christine Steffanetti of PlantWallDesign.
Another example of exciting news in the world of Brooklyn Commercial Real Estate is One Flatbush Avenue, located on one of the most visible corners in Brooklyn at the corner of Flatbush Avenue and Fulton Street is being marketed by a Manhattan broker and offers 14,000 square feet of retail space on two levels. Local brokers agree that this location is ideal for a global brand to have their flagship. One Flatbush Avenue is situated at the gateway to the Fulton Mall, which sees 100,000 shoppers per day and is considered to be the sixth largest shopping street in New York City. The amount of development that has gone on in this area is incredible and this already bustling area is expected to grow stronger and stronger in the years to come.
Lastly, The Bossert Hotel, located at 98 Montague Street in Brooklyn Heights is creating a lot of buzz and excitement. It is expected that when The Bossert Hotel relaunches in approximately 12 months, it will create a ripple effect that will benefit local merchants because of increased business from Hotel guests. These hotel guests will spend money in this already popular and bustling retail area which has many clothing stores and restaurants. Local brokers all agree that this can also create more demand for space and store rents could climb. According to Faith Hope Consolo of Douglas Elliman Real Estate, as quoted in the The Brooklyn Daily Eagle newspaper, "Nationwide the opening of a hotel can spike retail sales 20 to 40 percent.
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