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Development still needed in some areas.

It is apparent to the real estate community that development of only a few, select private projects will take place in the City of New York over the next few years. There are areas where commercial space is needed and should be built. These projects will also serve to create jobs for a construction industry experiencing 50 percent unemployment and, at the same time, help stimulate the city's economy.

Where local government has the means and ability, it is incumbent upon the government to help accomplish this type of economic renewal... as quickly as possible. Areas of the city, indeed, are overbuilt. But there still are key sections, primarily in the Boroughs, that need and can readily absorb new commercial development. We know this at first hand as developer of Brooklyn Renaissance Plaza, a premier mixed-used project in Downtown Brooklyn.

Just a few months ago, Renaissance Plaza announced that the Kings County District Attorney's office had signed a lease for 12 of the building's 24 floors of office space. With this transaction, Renaissance Plaza was 49 percent preleased. Besides addressing a critical need for local government's office requirements, Renaissance Plaza is designed as the corporate and social centerpiece of a new Downtown Brooklyn. It will make available in Downtown Brooklyn 730,000 square feet of the most competitively priced office space in the entire Metropolitan Area. It will be one of the very few new buildings to be built in the City, and will enable tenants to extensively custom design their new offices. It is one of the most cost-effective and technologically advanced installations in New York or New Jersey. It provides critically needed first-class offices for Brooklyn business - something that is simply not currently available in Brooklyn.

Significant to the local Brooklyn economy, the 31-story, 1.3 million-square-foot project includes a new 385-room Hilton Hotel, with extensive banquet facilities, and a complete meeting and conference center. One of the largest in the city, it will accommodate over 2,000 people. Moreover, the project has a health club (with 75-foot swimming pool), a day-care center, and underground parking for over 1,000 cars.

The realization of Renaissance Plaza will give Brooklyn and the City an economic shot-in-the-arm: Several hundred million dollars will be spent on the project, money that will flow into pockets, pocket books, cash registers and banking accounts; 600 construction jobs a year will be 100 ongoing maintenance jobs; and some 1,500 office workers and 500 hotel workers will be employed in permanent jobs in the complex.

Located on a 2.9-acre site between Jay and Adams Streets, it is adjacent to the landmark Brooklyn Heights neighborhood, Boro Hall, Polytechnic Institute, the New York Supreme Court Building, the Federal Court House, Brooklyn Law School and Metro Tech. It is less than five minutes from Manhattan by more than a dozen subway lines.

The office tower has ideal floor plates of over 33,000 square feet. a center-core office layout permits a maximum of perimeter ribbon-windowed offices with spectacular views of New York Harbor and the city skyline. A rooftop restaurant and lounge will boast one of the great views in the world.

Incentives, abatements and a low gross rental achieve for Renaissance Plaza the lowest per square foot cost for any new building in New York or New Jersey. At this stage of development, the office space is ideal for any company rethinking its business strategy and looking for office quarters that meet its requirements for the 1990s. Construction is scheduled to be completed in late 1994.

For decades, the construction industry has represented the most important economic development activity for the city. When construction was strong, so was the city. Within this context, Renaissance Plaza will make a major contribution to the health of Brooklyn and New York City.

Muss Development Company, headquartered in Forest Hills, New York, has for over 80 years specialized in commercial, residential and retail development throughout the Boroughs of New York City. Muss Development is developing 14 acres in downtown Flushing, and other well-located sites in the Boroughs.
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Title Annotation:Review and Forecast, Section IV; real estate development projects in New York, New York
Author:Muss, Joshua L.
Publication:Real Estate Weekly
Date:Jun 24, 1992
Words:677
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