Co-working space to replace the void left by The Flea at 1000 Dean.

whynot_31

quote:

"We're going to be the only co-working space in not only Crown Heights, but also in a space that is close to neighborhoods like Bed-Stuy and Park Slope," Mody said. "We think there's a tremendous demand in these neighborhoods for this kind of space that has not been filled."

The Vault rented the Dean Street space for 10 years. The firm will be the building's largest office tenant and brings the property, a former Studebaker automobile repair facility, up to 89% occupancy. Among the other tenants include D'Addario Guitar, Praytell Strategies and the Brooklyn Academy of Music. The building is owned by a partnership between Brooklyn Flea co-founder Jonathan Butler, BFC Partners and Goldman Sachs.  

http://www.crainsnewyork.com/article/20151207/REAL_ESTATE/151209911/west-coast-co-working-startup-debuts-in-nyc-with-brooklyn-outpost

20,000 SF of primarily young, college educated people.

crownheightster

Wow. 

crownheightster

Lots of hungry, thirsty young people on their way. 

whynot_31

yup.    Many will work long hours and want to no only eat and drink locally (Berg'n, I am looking at you), but also live locally.

Big 16 developments of mostly small, market rate apartments, I am looking at you.

whynot_31

I'm interested in seeing if this place will open once they have the majority of co-working spaces rented.

...and how long that will take.

MOD

There is another WeWork-style co-working place that is going to, or already, open in south slope. It seems this is the start of the co-working bubble.

whynot_31

In LA, it seems coworking places can legally provide bunk beds.

...but you are not supposed to get laid in them.

 

http://motherboard.vice.com/read/in-pod-based-community-living-rent-is-cheap-but-sex-is-banned

Whenever I am in 1000 Dean, it is cold in there.   I might need a blanket to get laid or sleep. 

pragmaticguy

If it's really cold then a little "companionship" might warm some folks up. These co-working spaces could become the new singles bars.

whynot_31

I have witnessed several interactions in local coffee shops that seem to result in hook ups.

...I suspect a lot of people rent co-working spaces after finally admitting that they need more permanency than a coffee shop can provide. 

pragmaticguy

Imagine how great a co-working space with be with a Keurig or Nespresso machine in it. People might never leave.

whynot_31

Those are already commonplace.

whynot_31

Not much work is going on at 1000 Dean

whynot_31

Lots of competition:  http://brokelyn.com/brooklyn-coworking-spaces-guide/

whynot_31

WeWork is about to find it more difficult to raise capital: http://therealdeal.com/2016/07/15/wework-slashes-profit-forecast-by-78-bemoans-firms-spending-culture-report/

Marco555

Anyone have any updates on The Vault? I've contacted their SF location a number of times and never heard back...

Thanks!

whynot_31

I looked in on the progress at 1000 Dean a few months ago, but I didn't see a lot it.   However, that may be deceiving.

...one could probably assemble some desks and install wifi in about a week.

travelriter

Any idea how much a space would be here?

whynot_31

I suspect they will cost about the same as spots in Brooklyn Commons:   

Desks at $20 a day.

Office $75 a month.

Meeting rooms for $20 an hour.

http://bklyncommons.com

Marco555

I'd be surprised if they charged the same as Brooklyn Commons. I imagine Vault will have many more amenities than Brooklyn Commons and see their neighborhood as much nicer than Brooklyn Common's PLG. I'd look to Industrious for price comparisons and, like Industrious, expect their prices will go up as they realize how difficult and expensive it is to get all the permits you need to open here. 

whynot_31

The first floor still appears completely vacant.    No build out is taking place.   

Marco555

Lovely!

homeowner

Here is the latest on the Vault:

http://patch.com/new-york/prospectheights/crown-heights-co-working-space-vault-long-dead

whynot_31

That makes sense. Nice piece, John.

Marco555

Agreed. Thanks for sharing!
Answers many of the questions I had about the thing. Still think they should've called or emailed me back!

whynot_31

This seems like the final nail in the coffin.

What was originally supposed to be young people central (3rd ward, The Flea and then coworking), is now destined to become offices.

The impact is that Berg'n originally had an on site market for its beer and appetizers, but now must compete with places like City Point.

Some of the food court vendors have already bailed, and I hope the rest are negotiating rent cuts or have short leases.

Marco555

Apparently a new coworking space is on its way
https://www.dnainfo.com/new-york/20170208/crown-heights/ignitia-co-working-space-studebaker-building-dean-street

whynot_31

That is good, Berg'n could really use a boost.

Marco555

Pretty sure it’s open! https://www.ignitiaoffice.com Berg’n Is mentiond as a perk a number of times as well