New York – November 10, 2015 – (RealEstateRama) — Announcement Follows NYCEDC President Maria Torres-Springer’s Speech Identifying Need for 60 Million Square Feet of Commercial Office Space by 2025; Brooklyn Tech Triangle Coalition Report Calling for Additional Commercial Space in Brooklyn’s Tech Triangle
Deputy Mayor for Housing and Economic Development Alicia Glen, New York City Economic Development Corporation (NYCEDC) and JEMB Realty today announced a brand new commercial development that will bring 400,000 square feet of new office and retail space to 420 Albee Square in Brooklyn’s Tech Triangle. This project, the first ground-up construction of commercial space since the re-zoning of the area in 2004, builds off the de Blasio administration’s commitment to supporting growth and creating jobs in emerging innovation and commercial centers across New York City. The project is also the latest part of the Downtown Brooklyn Redevelopment Plan, a City strategy to revitalize this area, under which the City has made $300 million in public investments in open space and infrastructure commitments. 420 Albee Square will provide much needed space for innovative and technology focused businesses in rapidly expanding sectors of the economy while helping to further advance the growth of Brooklyn’s Tech Triangle. The project is expected to create approximately 722 permanent jobs and 566 new construction jobs, and by adding at least 400,000 square feet of space, this development will help address the need for additional office space in New York City. NYCEDC projects that 60 million square feet of new commercial office space will be needed across the city by 2025, much of it in outer borough commercial hubs like Downtown Brooklyn.
Today’s announcement accompanies the release of a Tech Triangle Economic Impact report by the Brooklyn Tech Triangle Coalition, a group comprised of the Downtown Brooklyn Partnership, Brooklyn Navy Yard and DUMBO Improvement District. The report calls for the creation of 3.1 million square feet of office space to meet the needs of the rapidly expanding workforce and business community located in the Tech Triangle. The Coalition projects that the Tech Triangle could generate $15.5 billion in economic impact by 2025, and the report highlights the need to support the future growth of the area by making four recommendations to ensure that the it remains a world-class center for innovation. These recommendations – creating commercial and industrial working space, leveraging City assets to support commercial growth, investing in public spaces, and enhancing transit infrastructure – will help support the growing creative and tech ecosystem, which the Coalition expects to grow by 18,000 jobs in the next 10 years. The Brooklyn Tech Triangle Coalition consists of the Downtown Brooklyn Partnership, DUMBO Improvement District, and the Brooklyn Navy Yard Development Corporation.
As part of the City’s efforts to expand economic and workforce opportunities, NYCEDC offers a comprehensive workforce and procurement program that supports communities and helps create job opportunities, especially those that enable low-income New Yorkers to participate in the City’s economic growth. At 420 Albee Square, JEMB is expected to utilize NYCEDC’s HireNYC program for disadvantaged workers, as well as commit to contracting goals for minority and women-owned business enterprises.
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