December 8, 2017

As hope for Bushwick’s office market fizzles, landlord turns to industrial

Mentions News

Crain's New York Business

The owners of a warehouse property in Bushwick are reconsidering plans to convert it to office space—at least for the time being.

Instead, the partnership of investment firms, including Normandy Real Estate Partners, Royalton Capital and Princeton Holdings, have signed a 100,000-square-foot temporary lease at 333 Johnson Ave. with the United States Postal Service, a decidedly less-sexy tenant than the creative and tech brands the group hoped for when it purchased the building two years ago.

“Because of the L train tunnel shutdown, almost all sizable tenants are being dissuaded from taking space in Bushwick right now,” said Chris Havens, an office leasing broker with the Brooklyn-focused commercial brokerage TerraCRG. “One day, Bushwick is going to be a great little office district, but in the meantime the leasing is very slow.”

Read more here.