Visiting nurses to stay at 140,000 s/f development

Real Estate Weekly, Sept 28, 2005

AVR Realty has signed a lease with the Visiting Nurse Service of New York to occupy approximately 53,000 s/f feet of space at Kingswood Center, a new 140,000 s/f mixed-use development under construction in Midwood, Brooklyn.

Totaling three-stories, Kingswood Center is being built on the site of the municipal parking lot located just off Kings Highway between East 14th and East 15th Street.

Visiting Nurse Service of New York is the first tenant to lease space within the office portion of this "outstanding development," which is anchored on the ground by White Rose Supermarkets, according to Timothy D. King, chief operating officer of Massey Knakal Realty Services, the exclusive leasing agent for the property.

Visiting Nurse Service of New York was represented in its office search, site evaluation and lease negotiations by Tara I. Stacom, an executive vice president of Cushman & Wakefield. According to Ms. Stacom, "This location was the most desirable for VNS' nurses and it's interesting to note that their original Brooklyn office was located right in the same area. Additionally, the opportunity to influence design and construction components to meet the specific needs of the organization truly made this project stand out from all other alternatives."

AVR Realty was chosen as the designated developer of this site through an RFP process from the New York City Economic Development Corporation.

Construction work has begun on this project and occupancy is slated for the last quarter of next year.

Active negotiations are underway with other tenants for the space remaining at Kingswood Center.

According to Mr. King, "Tenants are attracted to the ideal location opposite a subway station and just down the street from one of Brooklyn's prime retail shopping districts. Other features include ample on-site parking and an ICIP tax abatement."