NY Observer writer Matthew Schuerman, who also contributes much of The Real Estate, had a piece in the paper last week that spoke with unusual frankness about the issue of race in the borough’s process of gentrification and commercial revitalization. The future of the Fulton Mall, he points out, is forcing these issues out on the table. There is a lot of pressure from business leaders and residents of neighboring Brownstone Brooklyn to “improve” the mall–despite the fact that it commands some of the highest retail rents in the city and draws heavy foot traffic in its current state. At the same time, however, side streets are deserted and the upper floors of many of the historic buildings are underutilized as well. Community planners and landlords are confronting the reality that it’s going to be hard to attract cute cafes to those side streets and young professionals to buy lofts in an area whose anchor tenants include a “forlorn Macy’s, a Conway, three Payless Shoe Sources, two Foot Lockers and a Kids Foot Locker.” And forget about Class A office tenants: “It’s hard to lure Fortune 500 companies to downtown Brooklyn with people selling penis-engraved tooth caps next door,” writes Schuerman. Indeed. What to do?
Fulton Mall Fights for Existence [NY Observer]
Upscale Lofts in Mall’s Future [Brownstoner]