New York City Economic Development Corporation (NYCEDC) today announced the selection of Greiner-Maltz and Cassidy Turley as the exclusive leasing agents for the Brooklyn Army Terminal (BAT), one of the City’s largest industrial properties. As exclusive leasing agents, Greiner-Maltz and Cassidy Turley will be responsible for building upon the already successful industrial business hub at BAT through leasing the remaining approximately 350,000 square feet of vacant space, which would support approximately 300 additional jobs. With 3.1 million leasable square feet, the complex is currently 90% occupied, with 70 businesses employing approximately 2,400 people. The leasing team of Cassidy Turley, a leading national commercial real estate services provider, and Greiner-Maltz, a NYC-based real estate firm, will provide nationwide exposure and help draw new industrial businesses to New York City, stimulating local job growth.
“In recent years, we have seen the Brooklyn Army Terminal become a premiere destination for companies in the City’s critical industrial sector looking for affordable workspace,” said New York City Economic Development Corporation President Seth W. Pinsky. “Now, with this new partnership, we have an opportunity to capitalize on this success further by bringing even more tenants to BAT, generating additional high-paying jobs and economic activity.”
“The fact that the Brooklyn Army Terminal has already leased 90 percent of its finished space shows that it is really a premier location for both large and small companies seeking to lease commercial or light industrial space in New York City,” said David Lebenstein, Principal at Cassidy Turley. “To meet the goal of leasing the remaining 10 percent of available space, the Greiner-Maltz and Cassidy Turley team will have a dedicated marketing staff for the Brooklyn Army Terminal. To make this project a complete success, we will bring in our national and regional industrial and corporate services practice groups and will also seek to identify alternative creative uses such as schools and not-for-profits.”
“This is a perfect assignment for Greiner-Maltz to be part of since we are already so active and knowledgeable of the Brooklyn industrial and commercial market,” said John Maltz, President of Greiner-Maltz. “The Greiner-Maltz and Cassidy Turley partnership will provide a great advantage as we work towards securing tenants for the remaining space.”
Sharone Levy, an Executive Managing Director of Greiner-Maltz, will be the Director of Leasing for the Cassidy Turley and Greiner-Maltz team.
BAT continues to be a prime location for industrial companies looking to grow and expand in New York City. Over the past two months, five new businesses – DART Medical, Artistic Frame, H2K Collections, Home and Fine Arts, and DJ Expressions – signed leases for a total of approximately 85,000 square feet at BAT. The companies, three of which were brought to BAT by Sharone Levy of Greiner Maltz, will employ over 70 people combined.
Located at 140 58th Street in Sunset Park, Brooklyn, and designed by Cass Gilbert, BAT was commissioned to be built in 1918 as a supply base for the Army during World War I. The City purchased BAT from the federal government in 1981, and since that time, has invested approximately $165 million renovating and transforming BAT into a modern industrial facility. BAT offers many amenities for businesses, including a secure gated complex, business-friendly transportation access, and abundant parking.
Bringing new tenants and industrial jobs to BAT will build upon the City’s Sunset Park Vision Plan for a modern industrial waterfront. The area is already an enclave for light manufacturers and other industrial businesses, with 5.8 million square feet of City managed industrial space presently spread across the Brooklyn Army Terminal, Bush Terminal, South Brooklyn Marine Terminal, and Brooklyn Wholesale Meat Market. These four facilities already employ approximately 3,400 people at more than 140 companies, with an additional 400 jobs to be created at South Brooklyn Marine Terminal once Axis Group and Sims Municipal Recycling Facility begin operating. The neighborhood is easily accessible by a variety of mass transportation options and is able to draw employees of all skill levels from throughout the City.
The industrial sector is an integral part of the City’s economy that has faced serious challenges in recent decades, but now offers real opportunities for growth and development. The City’s recently announced 22 initiatives to strengthen the City’s industrial sector and help small industrial businesses stay and grow in New York City. In total, the 22 initiatives will revitalize, modernize, and preserve up to 9 million square feet of underutilized industrial space, and create and retain up to 30,000 direct and indirect industrial jobs, generate annual payroll earnings of more than $900 million and more than $150 million in City tax revenue.
The initiatives resulted from an inter-agency review of the City’s industrial policies, led by Deputy Mayor for Economic Development Robert K. Steel, New York City Economic Development Corporation President Seth W. Pinsky, Department of Small Business Services Commissioner Robert W. Walsh and City Planning Commissioner Amanda M. Burden. The review found that while the City’s industrial sector has been declining in line with national trends of 8 percent annually over the past 10 years, there are certain subsectors showing stability and growth. As offshoring costs increase, it is anticipated that industrial activities will continue to grow nationwide. New York City in particular offers unique location-based advantages for industrial activity, including a population of about 8.4 million, access to a large workforce and highly-skilled labor, and one of the nation’s busiest ports based on import volume. The review also found that industrial businesses in the City are challenged by a lack of building stock appropriate for modern industrial uses, higher costs, and difficulty maneuvering City processes. Industrial sectors account for 16.3 percent of New York City’s overall private employment and more than 25 percent of employment outside of Manhattan, and industrial jobs have a mean wage of $64,000.
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook or follow us on Twitter, or visit our blogto learn more about NYCEDC projects and initiatives.
Greiner-Maltz is one of the oldest established commercial-industrial real estate brokerage firms in the New York City Metro market having opened up its first office in Long Island City in 1953. Now with 3 offices, each operated by a principal. Greiner-Maltz is focused on adding value to New York City based enterprises by tracking the availability and occupancy of over 600,000,000 SF of industrial space in the counties and boroughs of Nassau, Suffix, Brooklyn, Queens, Bronx, Bergen, and Passaic. Greiner-Maltz is affiliated with over 1,200 brokers worldwide through their individual membership in the Society of Industrial and Office realtors of which John Maltz, Richard Maltz, and Bill Greiner are designated members. The name Greiner-Maltz has become synonymous with commercial and industrial real estate in the New York Metro market through our belief that we create value for our clients, one transaction at a time. To learn more about Greiner-Maltz visit our website at www.greinermaltz.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,400 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visitwww.cassidyturley.com for more information about Cassidy Turley.