High Hopes for Hoyt Street?
We’ll confess to not having a great grasp of retail rents around the borough, but, with the economy tanking, we are increasingly interested to see how stores, and the cost of renting them, react. A friend of ours in Boerum Hill recently commented to us that he’d noticed a handful of stores for rent on…
We’ll confess to not having a great grasp of retail rents around the borough, but, with the economy tanking, we are increasingly interested to see how stores, and the cost of renting them, react. A friend of ours in Boerum Hill recently commented to us that he’d noticed a handful of stores for rent on Hoyt Street across from the Gowanus Houses and, perhaps overly-optimistically, noted that he thought the stretch might be ready for an upgrade in retail offerings. One of the spots currently for rent is the former Abreu Grocery at 244 Hoyt Street; the monthly asking rent for the 950-square-foot space is $3,000. Do any locals share this optimism? Ideas for businesses that could work?
244 Hoyt Street [Rapid Realty] GMAP
Photo by Kate Leonova for PropertyShark
fsrg –
Here is a fact for you: The storefront wont rent because the location sucks and the rent is too high.
And apparently you “know” that non-project dwellers will patronize stores on Hoyt Street, but the opposite assertion is unsupportable?
Please share some of your RE expertise with the group and let us know why the store isnt renting.
Brooklyn Chicken –
I walked out of their office after they told me they charge 15% broker’s fee. They literally chased me down 4th Ave.
Long story short… I got them down to a one month fee, but I immediately went home and took a shower. I felt so dirty and cheap.
How could you say that about Rapid Realty, mrkknox? On its website, it is listed as “Brooklyn’s premier full-service Real Estate Agency.”
But seriously, Rapid has some very funny negative reviews on Yelp. What kind of idiot landlord would list with them? The same idiot, I guess, who bought a commercial property across from a housing project.
Smith St. was not in the “early stage of rivival” in 2000. It revived agood 5 years before that.
Rapid Reality. Nuff said…
Bored – what facts do you add??
I said “near monopoly” – considering there are close to 3000 residents in the Gowanus Houses – the fact that there are a few stores (mostly on the opposite side – away from the path of to/from nearest subway) doesnt change the fact that you have limited competion and lots of residence.
And obviously you have no clue if other (non-project) residents would frequent a reopened store.
I am very familiar with the location and I also know enough about RE and business to know that the stores vacant status may have NOTHING to do with the asking rent.
Santa, your wine bar comment is HILLARIOUS! Thank you.
If someone thought they could make a go of it, it would have rented. It has been vacant for many months now.
There is no “near monopoly” here as there are several stores on Bond Street and down Hoyt directly across from the Gowanus Houses. The possibility of significant spillover from nearby brownstone and small apartment residents is almost nil.
Its always fun to comment, but lets have some facts to back up our assertions (or at least a modicum of familiarity with the location in question).
Hard to find comps…one of Smith Street (#113) just rented for a whopping $90 psf…and on the opposite end, down in the dead zone between 1st and the BQE…$29.50 psf. Some high traffic areas seem to be getting $55-63, but plenty of store fronts are $30 or less.
http://www.cpexre.com/lease.html
Interesting stuff…not something I normally look at, will be curious if this one rents out or sits empty forever.