Faith Hope Consolo, Douglas EllimanNational brands are embracing Brooklyn in a big way. Here is a snapshot of new and noteworthy additions all over the borough. Apple is poised to open its first store in Brooklyn at 247 Bedford Ave. in Williamsburg, which has been in the works since 2014. Another Apple is coming to fruition near Atlantic and Flatbush, 182 Flatbush Ave., close to Downtown Brooklyn. Whole Foods already has one store in Brooklyn, but the new store under construction will be across the street from Apple, at 250 Bedford Ave., and around the corner from WeWork‘s expanding co-working building at 240 Bedford Ave. Trader Joe’s is coming with a store at 206 Kent Avenue in Williamsburg and another in Downtown Brooklyn’s City Point development.
Bed Bath & Beyond, along with its affiliate stores, buybuy BABY, Cost Plus World Market and Harmon Face Values, is coming to Liberty View Industrial Plaza in Sunset Park’s Waterfront development joined bySaks Off Fifth, Design Within Reach and West Elm. This massive shopping destination along the Brooklyn waterfront is continually growing.
Wegman’s first store in any of the boroughs will be in Brooklyn at Admiral’s Row, near the corner of Flushing Ave. and Navy St., in the Brooklyn Navy Yard; opening in 2017.
In Cobble Hill, Warby Parker plans to open its first shop in the borough at 55 Bergen St., adding to three locations in Manhattan and 20 others throughout the U.S.
In Red Hook, Tesla Motors is set to anchor LIVWRK’s office conversion at 160 Van Brunt St., with its first entry into Brooklyn.
Italian scooter brand Vespa has a shop at 215 Park Ave. in Clinton Hill.
Ann Taylor coming to Fulton St. Mall, with a factory store.
Brooklyn Neighborhoods By Numbers: Fast Facts
A special report on gentrification by the NYU Furman Center explores gentrification within the context of NYC’s neighborhoods. Of the city’s 55 neighborhoods, the report classifies 15 as “gentrifying.”
Here are the top five neighborhoods that saw the greatest percent change in average rent between 1990 and 2010, according to the Furman Center:
1. Williamsburg/Greenpoint: +78.7%
2. Central Harlem: +53.2%
3. Lower East Side/Chinatown: +50.3%
4. Bushwick: +44%
5. East Harlem: +40.3%
The rental statistic directly impacts the retail numbers in a big way! Brooklyn certainly is booming, where Williamsburg leads NYC in gentrification with a 78.7% jump in average rents between 1990 and 2014. Demand in Williamsburg continues to skyrocket even though there is the threat of a years-long shutdown of the L train between Brooklyn and Manhattan.
According to the CPEX Brooklyn Retail Report, Bedford Ave., along with the Fulton Mall and Court St. in downtown Brooklyn, ranked among the top 10 most expensive retail corridors in the U.S. as of June 2015, according to the study. Manhattan was excluded because retail rents there, at thousands of dollars per s/f, are in a category all their own.
CPEX 2016 Brooklyn Retail Report - Rent / s/f (June 2015)*
1. Los Angeles, Beverly Hills, Rodeo Dr.: $800
2. San Francisco, Union Sq.: $650
3. Chicago,North Michigan Ave.: $525
4. San Francisco, Post St.: $495
5. Brooklyn - Williamsburg, Bedford / N. 8th / Metropolitan: $350
6. Chicago, East Oak St.: $340
7. Miami, Lincoln Rd.: $325
8. Brooklyn - Downtown Fulton Mall: $250
9. Washington, D.C., Penn Quarter: $220
10. Brooklyn - Downtown, Court St.: $200
*Excluding Manhattan.
Williamsburg (Bedford Ave., between Grand Ave. and North 12th St.) had the highest average asking rent for ground floor retail space, at $361 per s/f, in the first quarter of 2016. This corridor showed a 3.9% increase from the last findings in summer 2015, according to REBNY.
The Brooklyn Strand – The Highline “Brooklyn Style”
The Brooklyn Strand is going to do for Brooklyn what the Highline did for the Meatpacking District in Manhattan. Planned is a 21-acre greenway to Downtown Brooklyn, completely renovate Columbus Park, Tillary Parks, the Brooklyn War Memorial, the area around and under the Brooklyn Bridge, the parks around the base of the BQE, Trinity Park, Commodore Barry Park, and the Park Avenue crossing. It would make much of Downtown Brooklyn accessible to non-motorists by widening sidewalks, creating pedestrian plazas and adding more bike lanes.
The most exciting change would be the alterations to and around the Brooklyn Bridge. The plan includes a new pedestrian access bridge to the walkway that heads into Manhattan, starting in Cadman Plaza Park. Anchorage Plaza—that triangle formed by the BQE, the Brooklyn Bridge, and Washington St. would be made into a pedestrian plaza and market, with space for exhibits, vendors, and food markets. An added structure would offer stair and elevator access to the Brooklyn Bridge from the plaza.
Brooklyn is a moving target with development skyrocketing in every direction! This borough is currently the supreme shopping destination!
I can’t wait to see what’s next! Happy shopping!
Faith Hope Consolo is the chairman of Douglas Elliman’s retail leasing, marketing and sales division, New York, N.Y.
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