Saturday, October 18, 2014

The spiffy future of 470 Vanderbilt

It's quite interesting to see the way RXR Realty, which bought a nearly 75-year lease on 470 Vanderbilt, the factory turned server farm turned office space at the northwest corner of Vanderbilt and Atlantic Avenues, expects to see it spiffed up, with upscale retail on the ground floor. (And with city's tallest public housing tower in the background.)

Presumably that retail will become more attractive when Atlantic Yards/Pacific Park towers open across Atlantic, first between Dean and Pacific streets, later between Pacific Street and Atlantic Avenue.


As RXR states:
470 Vanderbilt Avenue is a Class A office building prominently situated on a 3-acre, full city block bounded by Atlantic Avenue and Fulton Street. Just minutes away from the Barclays Center and the Atlantic Yards Development, 470 Vanderbilt has recently undergone a $74 million dollar capital improvement program transforming it into one of the most state-of-the-art assets in this emerging neighborhood.
Crain's wrote in February:
The 10-story property is largely leased. In 2011, GFI Development, the firm that sold the leasehold to RXR Realty in the deal, leased six floors of the building, space totaling about 400,000 square feet, to the city's Human Resources Administration for 20 years. It was a homerun transaction for a property that for years had struggled to find tenants and sat vacant.
RXR's one-page ad

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