Downtown's Bedroom, Not Boardroom, Growth
Crain’s has a story saying Downtown has become Brooklyn’s “fastest-growing residential neighborhood,” a somewhat unexpected turn of events given that the city’s 2004 rezoning aimed to make the area the city’s third-biggest business district. The Downtown Brooklyn Partnership says 4,300 residential units have been constructed since ’04. Meanwhile, less than a third of the forecast…
Crain’s has a story saying Downtown has become Brooklyn’s “fastest-growing residential neighborhood,” a somewhat unexpected turn of events given that the city’s 2004 rezoning aimed to make the area the city’s third-biggest business district. The Downtown Brooklyn Partnership says 4,300 residential units have been constructed since ’04. Meanwhile, less than a third of the forecast 4.5 million square feet of new office space has been developed since then, and vacancy rates have gone up with the recession. Booster quote: “The boom, even since the downturn, would be the envy of any other American city, according to Joe Chan, president of the Downtown Brooklyn Partnership. Critic’s quote: “We were sold a bill of goods,” says Councilwoman Letitia James of the rezoning not living up to its promise. James says the area doesn’t have critical amenities like groceries and schools, and that more affordable housing would be welcome.
Downtown Brooklyn’s Residential Growth [Crain’s]
BHO, those bidding ‘half off peak comps’ now are not getting the properties LML
face it bud, real estate market has turned on all levels and while there are soft spots like lower manhattan office, even that is changing retail in BK is wild, condos will be in shortage (defined as few options, like large prewar is in shortage now in manhattan), and renovated town houses are in shortage in BKLYN, compared to # of buyers
NOT saying prices bouncing yet, just steady decline in product
Commercial property is only soft at MetroTech, which will change in 6-12 months as large blocks of space in manhattan disappearing from the market bit by bit only takes two large tenants and Metro is turned around
“vacancy rates have gone up with the recession”
But but but the Commercial Clutch guy said…
***Bid half off peak comps***
What is the point that everyone is trying to make here? No one even lived in Downtown brooklyn a few years ago and now thousands do live here and more are to come.
Are the haters saying that this area is going to stay like it is forever?
There are so many plans for the area. Parks, more condos, H&M, City Point, Shake Shack, more hotels, etc, etc ,etc. It never stops, every month there has been new mention of something planned for the area.
Has it really come down to how many people are walking the streets cause if that is the point that we are fighting then I can start laughing now.
Did you expect for everything to be built like Fort Greene or BK Heights? Its not going to be anything like that and it isn’t trying to be like that. I live in the MetroTech and I am within a few blocks from Ft Greene, bk heights, Boerum Hill, dumbo or every train to take me to the city. Fact is that this area will transform into something much different than it is right now. Do you really think that companies like Sheraton, aloft, h&m are betting that it stays like the deserted dump that it has been? Enjoy your over priced frat house in willy b. I bet your property value is going to skyrocket soon or maybe it is just over developed with expensive junk.
comparing resident count at FiDi vs brownstone bk hood is a little apples vs oranges. residences in FiDi are huge towers. so it doesnt take that many towers to house the 60k or so residents. The point here is many buildings and blocks are completely deserted at night – which is not the case in a residential brownstone bk hood. There’s quiet and there’s deserted. FiDi definitely have lots of blocks that feel deserted which is not attractive.
Do think the trend is changing at a pretty fast pace though as some former deserted blocks are getting some retail and corresponding foot traffic.
11217, Montague street has good pedestrian traffic until pretty late. If you were really there at 9:00 and saw only three people that is very unusual. The Heights in general is active with people walking around until quite late. Not just the folks walking the dogs but people going to and fro meetings and visiting (there is a lot of visiting) etc. There are usually people on the street until quite late except for very cold or inclement nights.
The FiDi by contrast is ghost town. Although it is improving. Stone Street and some of the newer bar/restaurants have helped a little, but it still feels overwhelmingly like the commercial district after everyone has gone home.
“What you aren’t understanding is that while FIDI is indeed a business district it is ALSO a residential district. One that has MORE people LIVING IN IT than many of the Brownstone neighborhoods.”
i can’t believe i’m defending my own feelings and experiences about a neighborhood I ACTUALLY lived in to someone who is cutting and pasting census statistics. i’m dropping it – it’s hard to understand if you haven’t lived there.
and yeah – drop the williamsburg shit – i’m over it and moving for largely the same reasons.
“sorry – once again – you can’t compare being on a quiet street in a residential neighborhood and being in a deserted business district.”
What you aren’t understanding is that while FIDI is indeed a business district it is ALSO a residential district. One that has MORE people LIVING IN IT than many of the Brownstone neighborhoods. In fact, I bet the new census will show that FIDI has more people living in it than Williamsburg (which I believe is around 65,000).
Just because it isn’t your scene with overpriced bodegas, hipster bars and $70 a game bowling doesn’t mean it’s not residential.
“being in a deserted business district.”
I hear what you’re saying, but there are people down living there now. Anyway, it wouldn’t bother me. But I can understand how some folks might not be comfortable.
DH,
Brooklyn Heights has a population of about 22,000.
Fidi has a population of about 60,000.
Both are used well during the day by commuters. I don’t really see how your argument stands up. FIDI has TRIPLE the amount of residents that BH has. They just live more in highrises than they do in lowrise buildings, but they are STILL THERE!
I totally get what you are saying, but I think the comparison CAN be made to brownstone neighborhoods, especially BH where if not for commuters, Montague would be literally EMPTY.