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Muss signs lease to 'bank on' at Renaissance Plaza in Brooklyn.

Mayor David N. Dinkins last week scored big points in Brooklyn and with the construction industry.

Developer Joshua Muss and the City of New York last week announced that the Brooklyn District Attorney's office has signed a lease for 12 of the 24 floors of office space at Renaissance Plaza. The anchor tenant's 20-year lease, with an annual rent of $6.8 million, is expected to help Muss get the financing he needs to commence his delayed $200 million mixed-use project in downtown Brooklyn.

The 31-story, 1.3 million-square-foot plan, features a 380-room Hilton Hotel in addition to the 750,000 square feet of office space. There will also be a banquet conference center with more than 20 high-tech board and meeting rooms to be operated by Hilton.

Muss spokespeople say the developer is in discussions with a foreign bank for construction financing and with a pension fund for long-term financing. He expects to break ground this summer.

The project will also give Brooklyn Borough President Howard Golden the first-class hotel he has been pushing for. The Hilton will be the borough's first major hotel in Brooklyn in 50 years.

New York Building Congress President Louis Colletti hailed the jobs that the project will generate. Six-hundred construction jobs a year for two years will be created as well as 100 permanent facilities maintenance jobs. "This project is a big shot in the arm," he said.

The project also promises 1,500 new office jobs and 500 hotel jobs.

The DA's office will consolidate offices from six different locations in the borough. The rent for the space is $19 per square foot.

The 2.9 acres of land on which Renaissance Plaza will rise is located opposite Metro Tech and next to the Family Court Building and across from the Supreme Court Building.

The Muss plan, which will receive benefits under the city's Industrial and Commercial Incentive Program (ICIP), was born in 1984 and received Board of Estimate approval in 1986. The project needed an anchor tenant to get off the ground. The American Insurance Group withdrew its decision to locate in the building.

The Muss spokesperson said Hilton's enthusiasm for the projects is buoyed by the single-digit vacancy rate in downtown Brooklyn and the fact that there are no other major hotels in the area.
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Title Annotation:developer Joshua Muss
Publication:Real Estate Weekly
Date:Mar 4, 1992
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