Brooklyn’s 2004 rezoning made way for a new wave of commercial and residential development, transforming the predominantly industrial borough into New York City’s third-largest central business district and one of the nation’s top markets for office construction activity. As of October, Brooklyn had more than 2.3 million square feet of office space under construction, according to Yardi Matrix data.
Most of the upcoming projects target creative businesses and small to midsize tenants. The largest share of underway properties includes redevelopments and adaptive reuse projects of former factories, while mixed-use developments also take up a significant portion of a pipeline. The table below highlights the largest properties underway, based on Yardi Matrix data.
5. Maimonides Medical Center – Medical Arts Building
In March 2015, Maimonides Medical Center started work on its Medical Arts Building, a 140,000-square-foot medical office property in the Borough Park neighborhood. Upon completion, scheduled for the last quarter of 2020, the $100 million project will house more than 100 exam and consultation rooms for the nonprofit’s medical, surgical and pediatric subspecialties. The owner selected Gensler Architects to spearhead design services and Americon Construction for construction work. The new building is situated at 4813 49th St., close to a wide array of prospective office facilities such as 5402 Fort Hamilton Parkway and Sunrise Plaza.
4. 1508 Coney Island Ave.
Developed by Baruch Singer, the upcoming 10-story project in Midwood is one of the largest office assets emerging in