Cresa’s senior advisors, Waite Buckley and Michael Herz, successfully negotiated a 10-year renewal lease for 7,500 square feet at 1 Smith St. in Brooklyn on behalf of The HOPE Program. This nonprofit organization provides training and job placement services for green jobs in New York City, with a focus on the Bronx. By securing a long-term lease at a reduced rent rate of 30% from the original rate, Cresa has helped The HOPE Program manage their costs and continue their important work.
According to Buckley: “The HOPE Program has been making positive impacts in underserved communities for over four decades now. We are proud to have assisted them with this new lease agreement that will enable them to keep offering valuable programs.”
Elie Sutton represented the landlord, Sutton Management,in-house during negotiations.The asking rent for this office space located at the corner of Smith and Fulton streets was $45 per-square foot.Other tenants currently occupying space within this building include Heart To Heart Homecareand Duane Reade.
This successful arrangement by Cresa showcases their dedication towards helping organizations like The HOPE Program thrive while also providing value-driven solutions for landlords such as Sutton Management.
