Brooklyn’s Office Market Post-COVID Sows Green Shoots

“Blondel Pinnock is a believer. As president and chief executive officer of the nonprofit Bedford Stuyvesant Restoration Corporation, she has plans for 840,000 square feet of potential mixed-use property in just about the center of the borough riding on it. The Restoration Plaza project, which might take 12 years to unfold, could cost as much as $700 million. Right now it has a $50 million city commitment.

“Pinnock’s corporation is leading the 21st century version of Restoration Plaza, which would more than double the size of the complex that has been central to Bedford-Stuyvesant for more than half a century, going back to the administrations of Mayor John Lindsay and Gov. Nelson Rockefeller. The complex — which combines offices, retail (including an Applebee’s restaurant and a supermarket) and a cultural component that teaches young performers — is designed to give residents marketable skills and to help companies find competent workers.

“Pinnock has heard about the difficulty other projects around the borough have had getting off the ground. But she remains resolute.

“’People do have trepidation about that, but, as a woman who’s worked in banking for the past 20 years, I know that there are many economic cycles, and this is just one,’ Pinnock told Commercial Observer in late January. ‘By the time we are ready to put bricks down for this building, there will be several economic cycles. I know that some say this is crazy, but I can guarantee you there will be several economic cycles between today and when we get this project done.’”

Read the Full Article Here