The McCarren Park pool restoration has Barclays beat in terms of stimulating commercial real estate activity and prices nearby, according to a report out yesterday and a story in Crain’s that covered it. Here’s some of the fine print from the study, by real estate firm Eastern Consolidated: In 2012, near McCarren Park, 14 parcels of land or development sites changed hands at an average of $10,800,000 each. Near Barclays Center, 10 development sites traded for an average of $2,600,000. At the same time, Barclays outshone McCarren in retail property sales, with more of them and at a higher asking price, the study said. Anyway you slice it, prices and trades are up in both areas. We thought former Brownstoner columnist Chris Havens, director of commercial property at aptsandlofts.com, summed it up best for Crain’s:
Chris Havens, director of commercial property at aptsandlofts.com, predicts that ultimately Barclays will be more transformative, but he said that both projects showed the value of major infrastructure investments in these neighborhoods. “Brooklyn is the place to be these days, it’s popping off, and these projects will only help keep it that way,” Mr. Havens said.
Do you agree Barclays and the McCarren pool, both huge infrastructure projects, boosted real estate development in the two locations? Or was real estate taking off in both places anyway? What other big projects should Brooklyn invest in?