Federal Reserve

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[IMGCAP(2)]"This just shows that we don't need to schlep toMidtown Manhattan to talk about real estate," said David Kramer,principal of Hudson Cos. Inc. and member of the roundtable'sSteering Committee at the event. "I think today highlighted all thethings going on in Brooklyn: the Navy Yard, new condos in ProspectHeights and exciting office renovations on Court Street."

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Gregg Winter, president of Winter and Co., said that "the marketisn't dead. I was looking for much worse numbers." Winter said hisfirm is active with construction financing and bigger companies arestill getting money, but mediocre and smaller companies are havinga harder time.

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"We're very excited to be here," Chris Gulden, VP of SL Greensaid about his company's purchase of 16 Court St. Theoffice building is SL Green's first property in Brooklyn. "Whetheror not we purchase more depends on the degree of success."

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Gulden said 16 Court St. is 22% vacant and under renovations forthe next 12 months. Attorneys and real estate offices make up mostof the 317,000-sf building's clientele. The tower is getting $45per sf for office space. "We are giving a lower cost to ourcustomers," Gulden said.

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Panel talks highlighted the Navy Yard, pointingto the fact that developers will soon start improvements. The sitehouses more than 1.3 million sf of industrial, but also includesmore than 1.9 million sf of developable land, including 280,000 sffor film/media and 90,000 sf for retail.

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"We have a mayor who's seen the Brooklyn Navy Yard as a jewel,"said Andrew Kimball, president and CEO of Brooklyn Navy YardDevelopment Corp. "It's been a sleeping giant for many years. Weare branding this as a sustainable industrial park. All newdevelopments will be green."

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Joseph Salvo, director of the population division at the NewYork City Department of City Planning, discussed patterns thatchange an area's demographics and ethnic population. "We don't knowwhere the next 'cool' area is going to be," Salvo said. "A patternof young people still continues to come to the west side ofBrooklyn."

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