Jensel Management Riding DTB's Office Boom With Application For 19-Story Office Tower
A new 19-story tower with roughly 200k SF of office and retail space will be the latest addition to the Downtown Brooklyn skyline, at least if everything goes smoothly with an application recently filed by Jensel Management.
Jensel, which bought the property 35 years ago, wants to build the 305-foot-tall building at 540 Fulton St. The cellar and first two stories will be retail, while the rest will be office space.
The roughly 20k SF lot was previously inhabited by a two-story commercial building, but that's since been demolished, NY YIMBY reports.
Downtown Booklyn’s seen an office boom take hold in recent years, as the effects of a rezoning in the early 2000s finally catch up with the neighborhood.
Despite that, the area has seen more repositions than construction of new office; the first new office building to break ground in the neighborhood since 2004 was 420 Albee Square, which got underway last year.
That project and others benefited from the Relocation and Employment Assistance Program, a tax break set up to lure office tenants to emerging markets in the city. No word yet on whether tenants in Jensel’s new building will be able to make use of REAP, but it seems likely. [NYY]