While Brooklyn has been the place where families live and people enjoy their daily lives, Manhattan was the borough that brought in the businesses and generated all of the revenue. After a while, it seemed like everyone who worked in Manhattan lived in Brooklyn.
Some enterprising business lending leaders in New York City started to think that if everyone lived in Brooklyn, then they would probably like the idea of having their work closer to where they live. The presence of a large residential community in Brooklyn has fueled the idea of creating more office space, and that push has helped to ignite the Brooklyn economy into unprecedented areas of financial growth.
Brooklyn Seen As Having Potential
According to National Real Estate Investor Magazine, the potential for new office space in Brooklyn has all centered around the new office complex planned for 420 Albee Square. When the tower is completed in 2018, it will be the tallest building in Brooklyn, and it will contain nothing but offices. The project has attracted a lot of attention from the business lending world, and some heavy hitters are jumping into the fray.
J.P. Morgan and Banco Popular North America (BPNA) are just two of the large, commercial lenders in New York City that are offering financing for more office space in and near 420 Albee Square. There is an additional 40-story office complex scheduled to be built at 420 Albee Square, and BPNA just approved a large loan for another office complex adjacent to the new skyscrapers. The idea of building office complexes in downtown Brooklyn is gaining momentum, and the potential for financial growth is attracting a lot of qualified lenders.
The Borough Is Doing Its Part
The borough of Brooklyn was not going to allow the presence of a large and available workforce to be its only contribution to its office space expansion. The Brooklyn economy is being bolstered by its own Relocation and Employment Assistance Program that offers tax credits to companies that relocate to Brooklyn.
Companies can enjoy a tax credit of up to $3,000 per employee for 12 years if they move from Manhattan to Brooklyn, and that is money that many companies are finding hard to pass up.
Start-Ups Are Leading The Way
According to the Creator blog on the WeWork Network, new start-ups are helping to push this financial growth and
spur future business lending. The Brooklyn Tech Triangle is an office complex that offers a variety of financial and administrative resources to start-ups that agree to put their headquarters in Brooklyn. Nearly 500 companies have taken advantage of the program, and the successful ones are sticking around to take up office space in the new Brooklyn economy.
Many of these start-ups are tech-based companies, and they are consciously choosing Brooklyn over Manhattan because Brooklyn provides the resources these companies need to succeed. The Tech Triangle has expanded out into other parts of the city, and now the companies that took part in the initial Tech Triangle experiment are growing up and they all need places to put their operations. The needs of these hundreds of start-ups (which is a number that continues to grow) is spurring much of the construction that has been planned for new Brooklyn office space.
Live & Work In Brooklyn
When people decided to live in Brooklyn but work in Manhattan, they had no idea that they were creating a workforce pool that would someday attract companies to Brooklyn. In the end, the idea of being able to live and work in Brooklyn is becoming increasingly attractive to a wide spectrum of skilled and unskilled workers.
To help take advantage of the growing Brooklyn-centric sentiment, business lending organizations are investing in a rate of financial growth in the Brooklyn economy that has not been seen in a long time. Could Brooklyn replace Manhattan as the borough of choice for companies seeking office space? Brooklyn has a long way to go to knock Manhattan off its pedestal, but the borough next door to Manhattan is doing what it can to attract businesses and spur its own growth.