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Commercial broker Chris Havens, left, interviews commercial developer Albert Laboz

Resistance to high rents in Bushwick and the dramatic impact of the end of the 421-a tax break were two hot topics industry insiders were talking about at the Brooklyn Real Estate Roundtable at the Brooklyn Historical Society Tuesday afternoon.

Brownstoner checked it out and mingled with developers, brokers, bankers, and architects, who gathered — as they do every quarter — to discuss the industry’s most pressing issues and hear movers and shakers talk about their projects.

Click through for Brownstoner’s favorite quotes, notable trends, and development updates.

Speakers included David Schwartz, Principal of Slate Property Group, one of the most prominent developers in Brooklyn right now; Jeremy Feit, co-founder and principal of large property manager Lincoln Oak Management LLC; and Albert Laboz, Principal of United American Land LLC, the commercial developer who brought Sephora and Neiman Marcus’ Last Call to Brooklyn Heights.

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David Schwartz of Slate Property Group

Memorable Quotes

“We think stopping 421-a will halt supply like crazy” — David Schwartz, Principal, Slate Property Group

“Developers found out it’s not so easy to rent a four-bedroom in Brooklyn. Getting four people to agree on anything is a little tough.” — Jeremy Feit, co-founder and principal, at Lincoln Oak Management LLC

“I promised to bring in great retail. No pharmacy, bank, cell phone store, or fast food. After we closed, guess who called me?” — Albert Laboz, Principal, United American Land LLC

“We’re still in the early innings of the Brooklyn story in commercial.” — Danny Millan, commercial real estate broker, Marcus & Millichap

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Notable Trends

  • Rent projections were 20 percent under market a few years ago. Now they’re over market, according to Feit.
  • Rents in Bushwick for renovated and new-construction apartments are too expensive, so they are sitting empty, said Feit.
  • Rents are plateauing in Bed Stuy, according to Feit.
  • Fulton Mall is becoming the place for fast fashion and value oriented fashion, according to Laboz.
  • Commercial rents on Fulton Street for typical spaces in the 3,000 to 5,000 square foot range are $250 to $350 a square foot, said Laboz.
  • Bigger and deeper spaces on Fulton Street are going for $150 a square foot, he added.
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Jeremy Feit of Lincoln Oak Management warned rents have peaked in Bushwick

Development Updates

  • Slate is currently developing about 200,000 units in Brooklyn. They are mostly rentals, although some are condos.
  • Slate’s 1 Flatbush will be a rental building with three floors of retail. Construction is starting now and will take about 22 months.
  • Slate’s 51 Jay is about 75 to 80 percent sold. Move-ins will happen summer 2016. The building was designed with large units to appeal to current Dumbo residents whose families have outgrown their small apartments and need three bedrooms, said Schwartz.
  • Tribeca-style residential lofts are coming on the market as soon as September at 505 Fulton Street in Downtown Brooklyn. The units will have 15-foot-high ceilings, 10-foot-high windows, and central air, said Laboz.

[Photos: Barbara Eldredge and Cate Corcoran]

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