A Look at Carroll Gardens Retail Rents
Massey Knakal, whose bread-and-butter business is the sale commercial properties, has done a very neat back-of-the-envelope report on retail rents in various neighborhoods around Brooklyn. The Carroll Gardens market is particularly interesting given what a shopping boomtown it’s become. According to the report, the priciest patch of storefronts, not surprisingly, is Smith Street between Union…
Massey Knakal, whose bread-and-butter business is the sale commercial properties, has done a very neat back-of-the-envelope report on retail rents in various neighborhoods around Brooklyn. The Carroll Gardens market is particularly interesting given what a shopping boomtown it’s become. According to the report, the priciest patch of storefronts, not surprisingly, is Smith Street between Union and Douglass. Massey Knakal‘s Senior Director of Sales for the area Ken Freeman estimates that market rates for that stretch are between $85 and $99 per foot. Next most expensive? It’s a tie between the Union-2nd Place stretch of Smith and pretty much all of Court Street in Carroll Gardens, where rents are in the $50s and $60s. The cheapest rents (less than $50 per foot) can be found south of 2nd Place on Smith Street.
“That’s not my experience of 7th. About the only new tenants I’ve seen have been banks and the expanding Brown Harris Stevens office. Still quite a few empty spaces all the way down to 9th Street, and even across 9th now that I think of it, since Nest flew the coop.”
The space on 7th between Berkeley and Union next to the Wine and Liquor Store was just rented a few weeks ago. I asked at Roma Pizza last night if he knew what it was going to be and he didn’t, but he knew it had been rented. So pretty much every space now from Union north to Flatbush is rented…
Not sure about farther south.
“Of course with the rising prices, things are getting pushed ever southwards down 5th and even to the few areas on 4th Ave that have viable storefronts.”
I actually think the north area of 5th…near Bergen has been the hottest section of that strip. I can think of about 10 places that have openened in the past year in the named streets on 5th avenue…
Flight001, Maria’s Restaurant, Tapas place, Canaille, Soula Shoe Store, Teddy, Chase Bank, Oko Frozen Yogurt,….the list goes on and on…
Lower 5th is fine, but up in the north is where the really great stuff is coming.
Because despite what you may think, these prices are pretty closely related to the amount of foot traffic and spending power of the nabe. If these places can’t support these rents they will come down.
I don’t know why folks would pay so much to have retail space in Carroll Gardens when they can get a space much cheaper in the South Slope, Windsor Terrace (Prospect Park West), and Kensington (Church Avenue has so much potential, little boutiques are popping up on Fort Hamilton Parway (Estelle, e.g.))
In those places the highest rents reach $50-$60/foot and you get the same amount of foot-traffic, the same kinds of residents who are craving for the little mom & pop shops in Carroll Gardens. Anyone who opens up a shop in these neighborhoods is going to make a killing!
“Most of the empty storefronts I’ve seen on 7th Avenue have been rented very recently, actually.”
That’s not my experience of 7th. About the only new tenants I’ve seen have been banks and the expanding Brown Harris Stevens office. Still quite a few empty spaces all the way down to 9th Street, and even across 9th now that I think of it, since Nest flew the coop.
“Maybe the landlords know it’s time to be a little more flexible.”
One would hope they would notice that everything new is happening on Fifth and they need to compete. Of course with the rising prices, things are getting pushed ever southwards down 5th and even to the few areas on 4th Ave that have viable storefronts.
11:58 “nor do they close with tons of customers.”
False.
A lot of businesses with a broad customer base close. I could have all the business in the world but if my rent is exorbitant, I’m not breaking even let alone making a profit. Being a business owner is not always about the money but the only person getting paid should NOT be the landlord.
5:34 PM, I think it’s “sleazy” to throw out accusations of a firm without identifying yourself or identifying facts yourself. Did you bother to call the firm and ask for supporting facts or did you assume it was off base? Ken Freeman attached his name to a study. Who are you and what makes you believe the study is purposely majorly flawed? Real responsible.
I love carroll Gardens and cobble hill i don’t care what you people say it is the best area in all of Brooklyn and no matter what i would not want to live anywhere else.
I think every thing south on court and Smith of 2nd place is becoming really the spot to be, with frankies 457 and many other little stores moving in this will turn out to be the next it within the next few years