New Development coming to Dean between Franklin Classon
The creators of Brownstoner and Brooklyn Flea are involved in this development project:
http://online.wsj.com/article/SB10001424052702304023504577321873455083222.html
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Just in case the link doesn't work:
By JOSEPH DE AVILA
Brooklyn entrepreneur Jonathan Butler specializes on chronicling the ins and outs of the borough's residential and commercial real-estate market on his blog Brownstoner.com
Enlarge Image
Philip Montgomery for The Wall Street Journal
The industrial building at 1000 Dean St in Crown Heights, above, will be part of a new renovation project.Now Mr. Butler is trying his hand at a large commercial real-estate project of his own in an underdeveloped section of Crown Heights, Brooklyn.
Mr. Butler, also a co-founder of the Brooklyn Flea, and his partners have acquired three adjacent industrial properties measuring a total of 155,000 square feet on Dean Street.
They plan to renovate the buildings and make them into mixed-use office space to house a mix of small businesses like Internet start-ups, food makers and light industrial manufacturers.
Construction on the $30 million project is expected to begin in a few weeks and is scheduled to be completed in nine to 12 months.
"We hope there are 400 or 500 people working there in a couple of years," Mr. Butler said.
In addition to the work space, one section of the property will be used for cultural events and another section will have a food and beer hall that will feature food vendors from the Brooklyn Flea, a flea market held on weekends in Fort Greene and Williamsburg. Mr. Butler envisions that the 9,000-square-foot food hall will have five or six different food vendors.
"Hopefully, it will be a way for our food vendors to graduate from the Flea to having their own restaurant," Mr. Butler said.
The main building that will be used for office space and manufacturing was built during the 1920s. For the past three decades it has been used as warehouse. Before that it was used as a service station.
The project is situated in the industrial patch of Crown Heights where there has been little commercial investment but is surrounded by new residential real-estate development and a growing population that work in creative fields.
That made the site ideal for adding a mixed-use office building to cater to Brooklyn's jewelers, furniture makers and artists, said Alicia Glen, managing director of Goldman Sachs Group Inc.'s GS -1.65% Urban Investment Group, a partner with Mr. Butler that has committed $25.5 million toward the project.
"We think we are making a smart, long-term investment by supporting this sector in this neighborhood," Ms. Glen said.
The project still faces challenges. There aren't any comparable spaces in this corner of Brooklyn that offer the types of nontraditional office space like Mr. Butler's project. It is unclear what type of demand this space will receive.
But Mr. Butler was able persuade BFC Partners, the builder of the Toren luxury condominium in Downtown Brooklyn, to sign on as a partner and to handle the renovation of the building.
Mr. Butler "convinced me that there is an untapped potential for this type of space," said Don Capoccia of BFC Partners. Similar types of creative office space are being used in cities like Montreal and Auckland, he added.
"This is a market that is manifesting itself in cities around the world," Mr. Capoccia said. "I don't see why we shouldn't be investing in this in New York."
Write to Joseph De Avila at [email protected]
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Just in case the link doesn't work:
By JOSEPH DE AVILA
Brooklyn entrepreneur Jonathan Butler specializes on chronicling the ins and outs of the borough's residential and commercial real-estate market on his blog Brownstoner.com
Enlarge Image
Philip Montgomery for The Wall Street Journal
The industrial building at 1000 Dean St in Crown Heights, above, will be part of a new renovation project.Now Mr. Butler is trying his hand at a large commercial real-estate project of his own in an underdeveloped section of Crown Heights, Brooklyn.
Mr. Butler, also a co-founder of the Brooklyn Flea, and his partners have acquired three adjacent industrial properties measuring a total of 155,000 square feet on Dean Street.
They plan to renovate the buildings and make them into mixed-use office space to house a mix of small businesses like Internet start-ups, food makers and light industrial manufacturers.
Construction on the $30 million project is expected to begin in a few weeks and is scheduled to be completed in nine to 12 months.
"We hope there are 400 or 500 people working there in a couple of years," Mr. Butler said.
In addition to the work space, one section of the property will be used for cultural events and another section will have a food and beer hall that will feature food vendors from the Brooklyn Flea, a flea market held on weekends in Fort Greene and Williamsburg. Mr. Butler envisions that the 9,000-square-foot food hall will have five or six different food vendors.
"Hopefully, it will be a way for our food vendors to graduate from the Flea to having their own restaurant," Mr. Butler said.
The main building that will be used for office space and manufacturing was built during the 1920s. For the past three decades it has been used as warehouse. Before that it was used as a service station.
The project is situated in the industrial patch of Crown Heights where there has been little commercial investment but is surrounded by new residential real-estate development and a growing population that work in creative fields.
That made the site ideal for adding a mixed-use office building to cater to Brooklyn's jewelers, furniture makers and artists, said Alicia Glen, managing director of Goldman Sachs Group Inc.'s GS -1.65% Urban Investment Group, a partner with Mr. Butler that has committed $25.5 million toward the project.
"We think we are making a smart, long-term investment by supporting this sector in this neighborhood," Ms. Glen said.
The project still faces challenges. There aren't any comparable spaces in this corner of Brooklyn that offer the types of nontraditional office space like Mr. Butler's project. It is unclear what type of demand this space will receive.
But Mr. Butler was able persuade BFC Partners, the builder of the Toren luxury condominium in Downtown Brooklyn, to sign on as a partner and to handle the renovation of the building.
Mr. Butler "convinced me that there is an untapped potential for this type of space," said Don Capoccia of BFC Partners. Similar types of creative office space are being used in cities like Montreal and Auckland, he added.
"This is a market that is manifesting itself in cities around the world," Mr. Capoccia said. "I don't see why we shouldn't be investing in this in New York."
Write to Joseph De Avila at [email protected]
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I'd be impressed if he pulled this off:
Construction on the $30 million project is expected to begin in a few weeks and is scheduled to be completed in nine to 12 months.
Likewise, I'd be impressed if he can fill the place with small companies quickly.
...I like being impressed.
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Error
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12 months is super-aggressive, yes, but I think when it does open he'll find tenants. If you read the Brownstoner post, he works out his reasoning, and I think it's sound. I will tell you that as a "creative professional" in the area currently working out of my home, I've been looking into coworking/small office spaces, and there is nothing like this nearby. If this were opening today, I would very very seriously consider moving in.
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I agree, there is an unmet need for office space for small firms of all kinds. ...there are economies of scale to be gained from co-locating.
The NY Observer has written a similar piece:
I can't say I've ever had access to $30M (in cash or credit) to wonder how I would spend it, but I'm certainly cheering him on....
Mr. Butler and his partners have paid $11 million for a former Studebaker Service Station on Dean Street in Crown Heights. They plan to convert the 155,000 square-feet of space into a commercial mixed-use development that will house artists and assorted creative types as well as a food hall—a $30 million project, to which Goldman Sachs’ Urban Investment Group will contribute $25.5 million. BFC Partners, the developer behind Toren, is also involved in the deal
Lots of big names and, hopefully, expertise!
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Construction begins!
http://www.brownstoner.com/blog/2012/05/blogging-1000-dean-getting-started/?stream=true
Goal: A four-story, 160,000-square-foot complex is swarming with a mix of technologists, artists, writers, jewelers, small food producers, etc.
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Sounds as if the Brooklyn Flea is going upscale, getting a food court and beer.
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I am -- like Garnett -- cautiously optimistic about this food court and beer place. I love good food and I love good beers. But, of course, I don't want to see the people who put their sweat and tears into transforming Franklin Avenue pushed out by developers outside of the area. it sounds destinationy...which is good and bad.
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This commercial development seems to be betting that the area will support even more upscale businesses than it does presently.
This is likely based on the large number of local properties that have recently changed hands, and changing image.
Yes, the same people who helped create this "new image" are likely to feel that they have lost control of it, and now must adapt to new forces and leaders.
....people who invest $30M aren't here to follow.
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Oct 18, 2012
The facade work appears done, and looks really good.
Now, let's see if they can do the mechanicals and throw up some interior walls quickly.
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No photos?
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Imagine the above photo, sans scaffolding. Building has a new skim coat of cement, which has been painted white. The Studebaker engraving has been returned to its original glory.
On occasion, you will see a guy walking a brown 45 lb dog by it that looks like the one my avatar....
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Article about it in today's NYT:
...complete with a facade photo
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Today, I took somewhat random photos of the block of Dean St located between Classon and Franklin, because I have become convinced the 1000 Dean Street development is going to be part of a radical transformation of the block over the next 5 years.
If anyone bought a property on this block in -say- 2000, they are doing well now.
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The 1000 Dean Building:
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The part of Franklin closer to Atlantic desperately needs this. It's been largely untouched by the flourish occurring closer to Eastern Parkway.
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I suspect that the Bedford-Atlantic men's shelter is partially to blame for this area's "hesitation".
I am optimistic that the 1000 Dean project will cause folks to overcome the hesitation.
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Only a matter of time before that shelter becomes a YMCA, no? Didn't Markowitz secure a few million to put towards its conversion?
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Epicly-
Yup. Markowitz scored some $ for its conversion, but first the city needs to do things like decide whether it will move the shelter that occupies the relatively small front portion of the building, and figure out if the converted facilities could still be used as "Disaster Surge Housing".
The massive drill hall presently has such a designation, and is largely dormant in part for this reason.
As a result, I would not count on a conversion anytime soon, and believe the surrounding blocks will change despite it.
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The city has committed $14 million to converting the unused portion of the armory, and an RFP process is underway to determine a plan and a developer.
http://brooklyn.ny1.com/content/166887/leaders-hope-to-convert-brooklyn-armory-into-community-space
Exterior work has been ongoing at the armory since around the time the RFP was announced.
Of course, this doesn't necessary mean anything. But it might mean something. I'm optimistic, especially with 1000 Dean and other recent developments in the immediate vicinity.
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1000 Dean is supposed to open in the summer 2013, and I would give it an additional six months to be fully occupied.
So, around this time in 2013, there will hopefully be substansial pressure on the city to develop the Bedford-Pacific armory. However, I don't expect the shelter for single men to be relocated to another neighborhood.
I expect 1000 Dean to fill up quickly, especially if it is able to offer cheaper rents than the nearby work share places. ...this is a central part of its advertising pitch.
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Part of the disadvantage of the Flea is that vendors have to constantly move their stuff, because the venues are only available on the weekends.
By providing a permanent location, 1000 Dean will allow small vendors to have a permanent space in the "mall".
By making so much space available, it may temporarily increase supply to the degree that commercial rents on Franklin plateau. It will certainly cause more people to walk further. ...Presently the foot traffic drops off North of St. Marks, this development will change that.
It may also bring peds South from the 'hoods on the other side of Atlantic.
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This thread discusses the food court and beer hall that is to be associated with this project, and located nearby: http://www.brooklynian.com/forums/topic/899-917-bergen-street-a-soon-to-be-food-court-and-beer-garden-smorgasborg
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Similar space coming to Atlantic between Classon and Franklin:
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Was just going to post that. Very interesting to see what's happening to the warehouse buildings
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RE the rectangle that is bounded by Bergen, Classon, Atlantic and Franklin....
I think the warehouse buildings will be brought back to life in a different form first.
I am already seeing construction on the small empty lots.
Next, I expect to see the auto salvage yards and bus depots be cleared out and housing constructed.
Then, we will see conversions of the taller warehouses and light manufacturing spaces.
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Not sure that all the bus depots will go. One is the home of Monsey Bus Lines, the commuter line between Hassidic communities upstate and those in Williamsburg and CH. And those folks use those buses religiously (no pun intended). Not sure that the combination of cheaper land and possible development costs is an offset for time and gas getting those charter buses into the city every day.
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I'm thinking the buses would continue to live in Brooklyn, but somewhere less glamorous.
...In my opinion, where Foster Ave intersects with Ralph Ave seems economically right.
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Construction update: 1000 Dean now has new windows throughout.
...the workers have "closed the envelope" and are now busy working inside.
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