Wednesday, December 3, 2008

BankNote Receives Much Sought After Class-A Designation

BoogieDowner received word yesterday that The BankNote building in Hunts Point will be officially designated a Class-A office and retail building upon completion of the $25 million renovation it is currently undergoing. The BankNote will be the first Class-A building in Hunts Point, and one out of only eight in the entire borough.

So what exactly is a Class-A piece of real estate, one might wonder? According to, Class-A buildings "represent the highest quality buildings in their market. They are generally the best looking buildings with the best construction, and possess high quality building infrastructure. Class A buildings also are well-located, have good access, and are professionally managed. As a result of this, they attract the highest quality tenants and also command the highest rents."

In addition to this most recent Class-A designation development, The BankNote also recently announced that current tenant the Wine Cellerage, a luxury wine services company with clients such as Christie's and high-end private importers, has signed a seven-year expansion lease for close to 6,000 square feet.

These are quite invigorating developments for the South Bronx as New York City's commercial real estate market continues to get slapped around by the crappy economic climate. Go cry to yo momma Brooklyn waterfront warehouses-turned-vacant-ugly-condos.


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