The project, the first ground-up construction of commercial space since the re-zoning of the area in 2004, will provide much-needed office space in Brooklyn.
On Monday, November 9th, JEMB Realty and New York City Economic Development Corporation announced plans for 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. Kohn Pedersen Fox will serve as designers for the new addition to the Brooklyn skyline. The 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.