Cresa Arranges 10 Year Renewal for Nonprofit HOPE Program
Cresa senior advisors Waite Buckley and Michael Herz arranged a 10-year renewal lease for 7,500 square feet at 1 Smith St., Brooklyn for The HOPE Program, a nonprofit that provides training and job placement for green jobs throughout New York City, with a focus on the Bronx. The Cresa advisors negotiated a long-term lease, reducing the rent by 30% of the original rate.
“This is an exceptional organization that has helped New Yorkers from underserved communities for more than four decades,” said Buckley. “The new rent rate will help the group with other escalating costs and enable it to continue offering training programs and job placement.”
The landlord, Sutton Management, was represented inhouse by Elie Sutton. The asking rent at the Downtown Brooklyn office building, at the corner of Smith and Fulton streets, was $45 per-square foot. Other tenants at 1 Smith St. include Heart To Heart Homecare and Duane Reade.