The Real Deal closely examined the factors promoting and retarding the expansion of national chains into Williamsburg in its September print issue, although it didn’t dig up any definite new names. “Pricey condos and rentals are now filling up with wealthy families, who in turn are attracting high-end retailers,” said the article. Increasing density, which is bringing more foot traffic to stores, and skyrocketing residential rents also appeal to national retailers. As has already been reported, Midtown Equities and other investors are developing the $40 million, 150,000-square foot complex at 242 Bedford Avenue between North 3rd and North 4th streets, which will open in 2014 with a Whole Foods, Citibank, New York Sports Club and luxury apartments. That deal, signed in March, has prompted other big retailers to eye Williamsburg, according to brokers. As has already been rumored, J.Crew and, now, “notable restaurants” are reportedly considering 247 Bedford Avenue, across the street. Williamsburg Cinema, the new movie theater going up at Driggs and Grand, will show mainstream films on its seven screens with 1,000 stadium seats, according to The Real Deal. Furniture stores are also looking into the area, claimed one broker, since all the new arrivals need to kit out their pads. But, a serious drawback is the lack of large spaces for big-box stores. Most retail footprints in the area measure 20 by 100 feet. Nonetheless, retail rents are rising on Bedford Avenue, from about $100 a square foot 18 months ago to $150 a square foot. Retail hotness is also drifting southward. “The South side is now starting to see the rapid restaurant and bar growth that first characterized North Williamsburg’s rise,” concluded The Real Deal.
Mainstream Brands Look for Foothold in Brooklyn’s Hippest Neighborhood [TRD]
Photo by nrvlowdown
A new building application was filed last week for a five-story building at 331 Saratoga Avenue in Ocean Hill. The city’s Department of Housing Preservation and Development (HPD) is listed as the owner on the permit. The vacant lot has been city-owned since the late ’70s, according to public records. The SLCE-designed development between Dean and Bergen streets will include 80 apartments […]
The Brooklyn Home Company broke ground recently on a four-unit condo building at 84 Congress Street in the Columbia Waterfront District. A joint venture with MESH Architectures, this project looks nothing like Brooklyn Home Company’s conversions in historic buildings we wrote about last week, as a rendering on the fence shows. Designed by Mesh Architecture, the 6,720-square-foot building […]
As we approach the May 1 deadline for Mayor de Blasio to present his plan for 200,000 units of affordable housing, housing advocates and preservationists worry that increasing the percentage of affordable housing in private developments will require outsize development in Brooklyn. Last week’s approval of Domino, which will have towers reaching up to 55 […]
It’s not exactly news that as neighborhoods gentrify, the artists who jump started the process are priced out. However, it may be the end of the line for some artists priced out of Industry City in Brooklyn, the huge industrial complex in Sunset Park, according to a story in The New York Times. The Times […]
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