Brause Realty today announced that real estate services companies, Cushman & Wakefield and JLL have entered into a long-term direct lease for JetBlue at Brause Realty’s 27-01 Bridge Plaza North, a Class A office asset on Long Island City.
Mitch Arkin, Bruce Mosler, Ethan Silverstein, Kelli Berke, Richard Jantz and Ed Donnery of Cushman & Wakefield represented the owner, Brause Realty Inc., in the transaction. Ken Siegel, Ruby Hwang, Jess Berkey, Will McGarry and Kristen Morgan of JLL represented JetBlue. Mitch Baron, Maura Brancaccio and Brian Cohen of Goulston & Storrs handled the property rights.
David Brause, President of Brause Realty and Chairman of the Long Island City Business Improvement District, said, “The Brause family is proud and excited to sign this long-term lease with JetBlue to keep the hometown airline from New York to New York. Our building, built in 1911 for the Brewster Carriage Company, has always had a rich history for transportation companies. By creating a home in the heart of Long Island City, JetBlue’s continued location in LIC reaffirms LIC as the geographic center of New York and a central part of the heart of New York. JetBlue’s decision to engage in LIC is not just a real estate transaction, but proof that companies still need office space in vibrant neighborhoods with access to the brightest people.
Lisa Reifer, Head of Finance and Treasury at JetBlue, said, “Twenty-two years ago we chose New York as our hometown and we’re proud to be the only commercial airline based here. As a New York airline, we’re excited to stay at our current headquarters in Long Island City. For more than a decade, we’ve helped grow a community in Long Island City, and we look forward to continuing to help the neighborhood grow while bringing jobs and tourism to New York City.
“In 2001, Brause Realty remodeled the property and added a new tower, leasing it entirely to Metropolitan Life Insurance Company, which subleased part of the building to JetBlue in 2010. Brause Realty is expected to regain control of the asset in 2023. and is extremely excited to bring the building up to current Class A standards,” said Arkin. “Over the past two decades since the signing of this lease, Long Island City has experienced an extraordinarily gradual transformation. Brause Realty had a vision to invest in Long Island City early on and we are confident they will do a fantastic job updating the building to provide a top-notch tenant experience.
27-01 Bridge Plaza North is a 700,000 square foot LEED-Gold office building. The building is primarily leased to JetBlue and Aramis, with 120,000 square feet currently available for lease. Beginning in fall 2022, Brause will launch an $18 million capital improvement program that will bring together a renovated lobby and new elevators with an exclusive collection of modern amenities including a conference center, dining room , fitness center, bike storage, club lounge and indoor/outdoor rooftop terrace.
The property is surrounded by an array of shopping, retail and entertainment options. The asset is strategically located at the foot of the Queensboro Bridge, close to several major subway lines, including the 7, N, W, R, E, M, G, and F trains, providing direct access to surrounding New York neighborhoods .
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