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May 27, 2011

NYU is up on Downtown thanks to latest Metrotech leases

The Brooklyn Paper
by Kate Briquelet

NYU is expanding its existing Polytechnic Institute to include two more buildings in Metrotech Center, a move that borough officials cheered as a magnet for Downtown development — and a sign that university is serious about Brooklyn.

NYU-Poly signed a 20-year lease with Forest City Ratner for space in Metrotech Center, a campus of 11 mixed-use buildings between Flatbush Avenue Extension and Jay Street, where space has recently been going cheap.

The Metrotech complex — built in the early 1990s with hefty public subsidies — has largely included financial institutions, until many began to decamp during the financial bubble of 2008, according to real-estate broker Chris Havens.

He said that NYU likely took advantage of a “fantastic deal” and that Metrotech space is “going cheap.”

“The biggest hole in Brooklyn is Metrotech — there’s lots of space there for lease,” Havens said.


NoLandGrab: Ah, finally some unvarnished truth about Forest City Ratner's Metrotech. Guess we won't be seeing any Atlantic Yards office towers (or office jobs) any time soon.

Posted by eric at May 27, 2011 9:27 AM