Aleksandra Scepanovic, Ideal Properties GroupIn January 2019, the L subway line, the connective tendon between Manhattan and Williamsburg, and the barometer by which the level of hipness is measured, is expected to be shut down for a substantial amount of time: a year-and-a half.
New York City’s Metropolitan Transportation Authority is of the opinion that shutting down of the entire line at once, rather than in gradual sections, is the best approach to updating the aging system in dire need of repair.
Shutting the line down cold turkey, given its role of a lifeline, naturally caused concern in the neighborhood of Williamsburg. How will residents be able to quickly get to Manhattan? Will this impact the area’s flourishing real estate market? And if any, how substantial would the impact be? After the initial shock, the concerns have somewhat subsided, leading us to believe that Williamsburg will be able to weather the shutdown.
Williamsburg has transformed monumentally in recent years, as has much of Brownstone and North Brooklyn. Major retailers such as Apple and Whole Foods have opened locations there, and the area’s popularity among commercial and residential tenants has further increased. So far, the future shutdown has had virtually no impact on the neighborhood. We believe that both commercial and residential prices will continue their upward momentum, even if coming years bring a temporary cooling off. A Brooklyn business with a Williamsburg location ourselves, we have spent months on research of the possible impact. The word on the street? Most companies and home buyers are investing long-term, and Williamsburg has performed as a rewarding long-term investment option. And so while 18 months without the L train may seem like proverbial eternity, the repair will be a relatively short project that will quickly fade from the neighborhood’s memory.
Over the past 12 months, at least 23 retail stores have opened in Williamsburg. The list of businesses giving the area their vote of confidence includes everything from a Trader Joe’s to Levi’s and WeWork, Equinox, SoulCycle, NK Space Apothecary to Martha’s Country Bakery and a new and improved Bedford Cheese Shoppe. These retailers are welcomed by national and regional tenants like Madewell, RRL and Juice Press, and other neighborhood classics like Catbird (which opened their second location, The Wedding Annex, last year), Goorin Bros. Hats, Bird, a premier fashion destination and Main Drag. Starbucks now has two locations in the neighborhood, and one serves craft beer. Recently, a few “hot” new restaurants also opened their doors to Williamsburg, including Parm, Leuca and Lilia. And others are still on their way, such as chocolatier Chocolat Michel Cluizel. The diversity of the retailers exemplifies the unwavering interest in Williamsburg, from both major corporations and the mom-and-pop shops that make Brooklyn so endearing to residents and visitors alike.
Additionally, according to Ideal Properties Group’s Brownstone Brooklyn and Beyond Third Quarter 2016 Residential Market Report, Williamsburg had 17% of completed sales in the quarter, coming in second by only one percentage point to Park Slope. By this quarter, the news of the L train shutdown was widespread, and had no significant impact on the interest of home buyers.
Over the last few years, more businesses have moved to Brooklyn as well. Vice and Time Inc. are just two that have opened offices. This means of course that more people are both living and working in the borough. Given the continued interest, we expect this trend to continue throughout the two years leading up to the shutdown. This will also alleviate some of the issues of the L train temporarily shutting its doors to commuters.
We believe that Williamsburg will continue to thrive in the coming years. And while there may be a bit of initial travel trouble when the L train shuts down, there will be viable alternatives established to alleviate the travel headaches. For example, the city is already planning to add additional train cars to the J, M and G subway lines. Also bus and ferry services will be increased, carrying passengers back and forth to their city destinations.
Williamsburg will continue to flourish as one of the most quirky, fun and beloved neighborhoods in Brooklyn.
Aleksandra Scepanovic is the managing director of Ideal Properties Group, Brooklyn, N.Y.
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