Cresa arranges renewal for The HOPE Program

Brooklyn, NY Cresa senior advisors Waite Buckley and Michael Herz have arranged a 10-year renewal lease for 7,500 s/f at 1 Smith St. for The Hope Program a non-profit organization that provides training and job placement for green jobs throughout New York City, with a focus on the Bronx. The Cresa advisors negotiated a long-term lease reducing the rent by 30% of the original rate.

“This is an exceptional organization that has helped New Yorkers from underserved communities for more than four decades,” said Buckley. “The new rent rate will help the group with other escalating costs and enable it to continue offering training programs and job placement.”

An acronym for Home of Prosperity and Empowerment, The HOPE Program was founded in 1984 and has served thousands of people since inception. Three years ago, the group launched a YouthBuild program to prepare young adults for careers in green construction, HVAC servicing,  and horticulture.

It additionally offers training for high school equivalency exams.

“The Cresa team has been an incredible partner to The HOPE Program, understanding our needs and supporting our goal of having a long-term affordable lease while maintaining our longstanding Brooklyn presence,” said Tracey Capers, executive director. “Because of Cresa, we can continue providing crucial career services to underserved communities in the heart of downtown Brooklyn.”

The landlord, Sutton Management was represented inhouse by Elie Sutton. The asking rent at the downtown Brooklyn office building, at the corner of Smith and Fulton, was $45-per s/f. Other tenants at 1 Smith Street include Heart To Heart Homecare and Duane Reade.

“We were fortunate to negotiate with a landlord who appreciated the value of a solid, responsible tenant,” said Herz. In many ways, The HOPE Program aligns with the real estate industry by offering training focused on sustainable construction protocols and other green careers.”