The developer behind the condo conversion of Dumbo’s 10 Jay Street has decided to scrap the plans in favor of keeping the warehouse as a commercial property, citing rising demand in the Brooklyn office market.
In March, Glacier Global Partners received approval from the Landmarks Preservation Commission to sheath the 10-story warehouse along the East River with an ODA New York-designed crystalized façade.
The development firm is keeping the aesthetics, but instead of converting the warehouse to 46 condos, it will now market the building’s approximately 200,000 square feet for office and retail uses, principal Yaniv Blumenfeld told The Real Deal.
“The more the neighborhood is becoming residential, the more attractive it becomes for commercial tenants,” he said.
Dumbo has the highest average asking rents in Brooklyn at $64.47 per square foot, according to the third quarter market report CBRE released Thursday afternoon, the first time the brokerage has complied such statistics on the Brooklyn market. Glacier tapped CBRE’s Keith Caggiano and Ben Friedland to market the space.