Retail rents have tripled on Court Street in the last five years, according to Crain’s, kicked off when Trader’s Joes moving into the old Savings Bank building at the corner of Court and Atlantic.
Rents are now $150 to $180 per square foot, “comparable to many streets in Manhattan,” vs. $35 to $50 a square foot five years ago, according to a CPEX study cited in the story. Private school LePort Schools recently leased 292 Court Street, a 16,000-square-foot building, for $500,000 a year.
The story says rents increased even more when J.Crew took space down the block at 151 Court Street. Except it hasn’t yet — which the story does not mention. Grocer Pacific Green is still in the space, and recently said it plans to shut its new location at 303 Court Street, leading to speculation J.Crew is looking elsewhere.
Rents Go Big-Time in Cobble Hill [Crain's]