JEMB Realty Corp. in Manhattan has taken on Brooklyn-based developer Forest City Ratner Cos. to build an office tower in downtown Brooklyn.The terms of the partnership weren't specified. Forest City of course has office expertise with MetroTech, although those towers were built for a different market. Some are being adapted to serve smaller companies. Surely the expertise and effort in finding an anchor tenant would help GFCP in its own quest.
The site, a vacant parking lot purchased by JEMB in 2014, is on Willoughby Street between Duffield and Gold streets.
“We spent almost a year planning a 70-story, mixed-use building,” said Morris Bailey, JEMB’s chairman. “But we looked at the market and saw all the new residential buildings planned. The market felt overloaded.”
As of last November, the building was expected to be some 400,000 square feet, as noted in the press release from the New York City Economic Development Corporation. As I wrote, because the city could sell nearly one-third of the development rights, it could mandate that the building have office space.
And that raises the question of how the city might help ease more office space.