Retail in the city has found some surprising success in Brooklyn, which is seeing asking rents on the rise in a number of the borough’s big shopping corridors. A growing number of apartments seems to be a reason why the retail market has done well in Brooklyn, according to the Real Estate Board of New York’s summer retail report. Almost half of the shopping corridors saw rent rises. Construction permits are at an all-time high in the city, and the other boroughs are actually outpacing Manhattan, and as retail struggles in some areas in Manhattan, Brooklyn’s retail is doing better because of the new apartments.
The picture isn’t quite as simple and rosy as all of Brooklyn retail doing better, but it’s the mature neighborhoods seeing rents drop after rising for the last decade. The reality of online retail is starting to set in and change the market.
A popular area like Court Street between Atlantic Avenue and Carroll Street saw rents decline by 31 percent, which comes out to $103 per square foot. Rents went down a similar 32 percent around the corner at Smith Street. Close to the Brooklyn Bridge, asking rent averages dropped by 27 percent.
The Prospect Heights neighborhood was one area that saw an increase, with rents going up 9 percent and continuing the trend of rising rates for the third year. The most popular area is around Flatbush Avenue and Grand Army Plaza, which has restaurants and subway stations.
Expensive storefronts closing elsewhere allowed cheaper stores to hang around for now at least, which drove some prices down in other areas.
The Jewish Voice reported about real estate booming on Flatbush Avenue. Over the last decade, Brooklyn’s Flatbush Avenue has gone through major gentrification. Residents in the area were infuriated when the 24-story rental building was first proposed for 626 Flatbush Avenue. Now the controversially tall luxury building called Parkline, with rents starting at $2,012 and going up to $4,430, is just one among a trend of new buildings with stunning views and superb amenities to hit the area.
Two projects that will contribute to the transformation of the area are now being marketed by Citi Habitats. A 19-story rental building exists at One Flatbush at the corner of Fulton Street corner. The building can hold approximately 19,000 square feet of retail on the first and second floors. There are also apartments above that with an average square footage of 674. Though specific prices have not been announced for this project, Citi Habitats says that monthly rents for apartments in the area now range from $2,715 to $7,578.
Also slated to open next year is 470 Dean Street, across from Barclays Center. According to The New York Post, “It’ll have 63 rentals, 6,000 square feet of retail and a 110-car underground garage. Nearby rents run between $2,136 and $4,382. It’ll be competing with 461 Dean, which hugs the Barclays Center and, at 32 stories, opened in 2016 as the world’s tallest modular building. That 363-unit rental, where prices range from $2,311 to $5,907, is part of the ‘city within a city’ megadevelopment around Barclays Center called Pacific Park.”
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