When he first leased the land from the city 10 years ago, industrial vacancy rates in the neighborhood were close to 20 percent, and the buildings were wrecked. But I had a belief that Brooklyn could revive itself. Massa, whose grandfather and uncle both worked the waterfront, saw his gamble pay off. Today his buildings are completely full, and he oversees businesses that employ 1,400 workers. Buildings I've had empty for four years are now occupied.
Space is tight because rents are still pretty good.
The waterfront is zoned for industrial use, which permits back offices and superstores like the Costco at 38th Street, but keeps high-rent houses, lofts and kitsch shops out. City subsidies and renovations also help. We still have reasonable rents here. But prices are on the rise. Vacancy rates for industrial space across the neighborhood's waterfront are in the single digits.