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Court Street Blues

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When SL Green bought 16 Court Street, the company's first venture outside Manhattan, for $107.5 million in 2007, it was seen as a slam dunk. Brooklyn's tallest office building was in disrepair and operating at a 25% vacancy rate, and SL Green's $20 million renovation would turn it into a Downtown Brooklyn jewel. But as the Observer reports, the building is still 22 percent vacant and SL Green is 25% to 30% below even the most cautious leasing targets. Asking rents are far below Manhattan levels, but high for the 'hood. [TRE]