Constellation Group completes renovation

Real Estate Weekly, August 21, 2002

The Constellation Group has completed its extensive renovation of 27 Smith St. in Downtown Brooklyn. The 10,000-SF building is located on Smith Street between Fulton and Livingston Streets, adjacent to the Fulton Mall and The Metrotech Office Complex. The 5-story building contains 7,400 SF of prime office space, ideally suited for a single user or may be divided into individual suites ranging from 1,400 to 2,300-SF. Along With the office component, the building also contains a 2,000-SF ground floor retail space.

The Constellation Group owns, manages and develops properties with the majority of its holdings concentrated in Dumbo, Vinegar Hill and Downtown Brooklyn. It purchased the building approximately a year ago and began a ground- up renovation campaign. The overhaul included exterior renovation, a new granite facade and lobby, new elevator and mechanicals, premium hallways and common areas, brand new A.D.A. bathrooms on each floor, tenant controlled high efficiency HYAC units, CCTV, accommodations for high speed wiring, and just about every amenity imaginable. The thoughtful re-design captures the grandeur of an old world office building while encompassing modem convenience.

The building was in poor condition when the company purchased it, but through its construction expertise, Constellation transformed it into a first class retail and office property. The location is ideal for both uses. The building is directly across from the Courthouse at 141 Livingston St., is near all other major Brooklyn courts including the new Federal Court, The Municipal Building, Borough Hall and all other major city, state and federal agencies. The property is also in close proximity to the often heralded Metrotech Complex which houses J.P. Morgan Chase Bank, Bear Stearns, SIAC and many other major corporations: Manhattan is merely a walk across the Brooklyn Bridge or a subway stop away.

The retail space is highly desirable as it is adjacent to the Fulton Mall where many major retailers do their highest volume per SF in the country. The foot traffic is extremely heavy and transportation excellent with every major subway and bus line steps from the front door.

The area itself has undergone quite a development boom in the last year and is expected to continue indefinitely. Two doors away, the Brooklyn Tabernacle has recently completed a $39 million renovation including a 5,000-seat theater. Other developments in the area include 180 Livingston St. which will be filled with 400,000 SF of office tenants including the MTA within a few months, new dorms for Polytechnic University and Brooklyn Law, an expanded Brooklyn Marriott, a 670,000-SF development at 9 Metrotech, and a $600 million 1.2 million-SF development at 12 Metrotech among others. The Empire State Development Corp has also committed to the development of its neighboring parcels of land. Overall, as good as the area is now, it is only getting better.