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
wine bar!
Rapid Realty is out of touch with the area, for marketing this at $3,000.00 a month. During the current state that the economy is in $2,000.00 to $2,500.00 is more in sync with this location.
Hell hole or not – why do you assume that a location across the Street from the Gowanus Houses would be a bad retail location.
There are almost 3,000 residence in the Gowanus Houses and there are no retail stores within the project.
Despite the glass partitions etc… a store at this location has a near monopoly with the Gowanus residences and could even get some spill over business to other nearby residences. Frankly this is likely a more profitable (if significantly more dangerous) location then a similar store on Smith due the high population density and limited competition.
That stretch of Hoyt has been loosing retail for some time now. I’d have to agree, 3k would be a good (if high)price for an equitable space on Smith, for Hoyt it’s ridiculous. And I live around the corner from that spot towards Bond. And landlord, a pharmacy wouldn’t make it there, it’s within spitting distance of Rite Aid, Eckerd, and at least one small mom and pop pharmacy.
A pharmacy? Do you think a tiny little pharmacy (say, 800 sq ft making a little space for a storage room) has the margins to cover $36,000 a year + insurance + utilities + capital/build-out?
Yer smokin’ something landlord.
Admittably I am not that familiar with that area.
It’s insane because this stretch of Hoyt street features the an amazingly large collection of bullet proof glass partitions.
It’s insane because women who freely walk the same parallel stretch of blocks on Smith St. and Court St. fear for their lives on Hoyt.
It’s insane because your only customers would be the sadly underprivileged but nevertheless extremely disrespectful jobless teens and twenty somethings from across the street.
santa – pharmacy
$38 psf seems like a good rate? Oh, really? I guess, like ‘stoner, I don’t have a good grasp of retail rents. I do, however, talk to my neighbors.
When I moved to BH in 2000, $12-14 was the norm for Smith Street, which was then in the early stages of revival. Peaked around $28-30 in 2005/06. Of late it seems like it has leveled off around there or dropped back in the $25-28 range. Admittedly, my data is anecdotal from the handful of boutique/resy owners I am acquainted with.
So that’s heavy foot traffic Smith Street…light traffic Hoyt (by comparison), in an area one would not think is flush with discretionary income…$38 doesn’t seem like a good rate.
I’ve seem vacant storefronts in the $30s…and two that come to mind have been empty for more than 6 months.
But again, I am basing my perception on speaking with business owners I know…others may have other info to share.