News: Brokerage

New York City's transportation evolution is rejuvenating retail

One of my favorite books of all time, The Power Broker, written by Robert Caros, details the life of Robert Moses and the ways in which he literally reshaped the future of New York City. That may seem like a grandiose statement, but as a mid-20th century urban planner, Moses eschewed public transit in favor of constructing highways and thoroughfares that connected the suburban outskirts of Westchester and Long Island to the urban hub of the five boroughs. In doing so, Moses laid the groundwork - again, literally - for the city (and commuter traffic) as we know it today. 2.6 million acres of new parks, 658 playgrounds, 13 bridges, and 416 miles of highways will do that. Fast forward to the start of the 21st century, and New York City is undergoing another transportation evolution connecting disparate parts of the Big Apple. This time, however, commuters are turning to bike pedals instead of gas pedals to get from place to place, as the city's network of bike lanes continues to expand neighborhood by neighborhood. (And for the record, no, I'm not talking about Citi Bike; in fact, this might be the first cycling-centric article published in the last six months that doesn't focus on New York's bright blue banking bicycles. I understand it's been highly successful, but the Citi Bike program represents only part of the bigger picture.) At the center of it all is Brooklyn - but what else is new? Between 2010 and 2012, 35% of the five boroughs' bike lanes were laid in Brooklyn, according to an online article from the Brooklyn Ink. For 2013, Brooklyn was expected to house over 60% of the nearly 15 miles of new bike lanes to be created citywide. As biking has become a more popular and accessible mode of urban transportation, the impact has extended beyond reducing New York City's carbon footprint (however slightly). Despite occasionally eliminating on-street parking spaces - typically a call to arms for retailers, as it theoretically reduces accessibility for potential consumers passing by - bike lanes throughout New York City have been a boon to retail sales. Even though bike lanes can lead to a lack of parking, their construction boosts the number of bikers, more than offsetting potential losses. Based on a 2012 study done by the Department of Transportation and highlighted in the New York Post, the number of bikers pedaling along 1st and 2nd Aves. in Manhattan increased 177% after bike lanes were added in 2010. As a result of the rising cycling traffic, retail sales have soared in areas where bike lanes have sprung up. Between 23rd and 31st Sts. along 9th Ave., retail sales jumped 49% for local businesses following the installation of bike lanes, according to the same Department of Transportation study. In the same study, eight of 11 retail corridors that underwent street improvements (including bike lanes) experienced greater increases in retail sales than neighboring streets. Go green, indeed! In addition, the proliferation of bike lanes and riders has led to a new niche in retail: bike stores. As more commuters hop on their bikes to get to and from work, and as more tourists are starting to tour the city on two wheels, bike shops are popping up across the boroughs to accommodate this growing sector of the city. In the past five years, approximately 20 bike stores have opened in Brooklyn, while car dealerships and general auto shops have slowly started to vanish (or at least relocate to more remote regions of Westchester and Long Island - an ironic role reversal from the days of Robert Moses). Up-and-coming corridors such as 3rd Ave. (in the Gowanus) and Franklin Ave. recently opened biking storefronts; maybe this can serve as the new indicator for my predictions of the next Smith St. Need a more concrete example? Start in northern Brooklyn, grabbing a bottle of water and an energy bar at the Garden Food Market on Manhattan Ave. in Greenpoint. Cut through McCarren Park for a bit of Williamsburg people watching (it can be quite the spectacle), then take Berry St. past the bridge to suddenly emerge in the Hasidic section of South Williamsburg to see just how fast a neighborhood can change. Bedford Ave., or the biking path along Vanderbilt Ave., will lead you through Fort Greene to the Brooklyn Flea Market for a bevy of artisanal food choices and a variety of quirky odds and ends. Finished shopping? Pedal west, following the series of new high rises going up in soon-to-be 24/7 Downtown Brooklyn, then take a slight detour into Red Hook for a tour of Cacao Prieto (by which I mean taste testing their chocolate and whiskey delights). Turn south on 3rd Ave., appreciating Sunset Park before it becomes the next DUMBO, then jump on the waterfront bike path for some of the best views of the New York harbor. Finish up in Coney Island with a ball game, Cyclone ride, and hot dog from the original Nathan's, and voila! A bike tour is born. With more and more people exploring the bike paths of Brooklyn and the rest of the boroughs, and with the positive effect the biking boom has had on retail, hopefully New York City's next mayor will be as kind to cyclists as Michael Bloomberg. It would make Robert Moses proud. Ryan Condren is a managing director at CPEX New York Retail Leasing, Brooklyn, N.Y.
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