DoBro's Average Household Income to Double?
The average household income in Downtown Brooklyn and surrounding neighborhoods is expected to double in two years, according to marketing material for 345 Adams Street. Roger Greenstone, who’s eponymous firm is marketing Muss Development’s two floors of retail in the building, told us he expects to score high-end tenants that will cater to affluent residents…
The average household income in Downtown Brooklyn and surrounding neighborhoods is expected to double in two years, according to marketing material for 345 Adams Street. Roger Greenstone, who’s eponymous firm is marketing Muss Development’s two floors of retail in the building, told us he expects to score high-end tenants that will cater to affluent residents in the sorrounding community, a contingency that’s quickly taking over. Last year, Scan/US Inc. estimated households in Downtown Brooklyn, Brooklyn Heights, Fort Greene, Cobble Hill, Boerum Hill and Park Slope earn an average annual income of $87,139 based on U.S. Census Information. The Downtown Brooklyn Partnership estimates that number will jump to $172,000 $142,000 by 2010 thanks in part to 27,000 new condos under construction, according to the brochure. (Update: DBP just alerted us to the fact that Greenstone had the number wrong.) Some of those projects are presently stalled, but people have already moved into others like One Hanson Place and construction cranes are everywhere. Even if the increase is not quite double, it will still be pretty significant. See the full data after the jump…
Developer to Air Out 345 Adams Street [Brownstoner]
Chan upbeat about Downtown Brooklyn [Real Estate Weekly]
lol — that’s the business model, right? : )
No idea. That wasn’t mine. But I now have to bar myself from commenting any further because I am falling behind on a story! I can see how this becomes addictive when procrastinating!
sarah — what happened to the atlantic auction post?
Since when does someone needs prayers for being optimistic, 1:00??
I think YOU are the one who needs to do and be prayed for.
Do you use your pessimistic and nasty tone in EVERY facet of your life, or just on anonymous blogs about real estate?
“The post depicts a present forecast, which is why we ended the headline with a question mark…”
But, Sarah, you concluded in your paragraph that “Even if the increase is not quite double, it will still be pretty significant.” Before I even checked, I knew this extremely euphoric thread could not have been posted by brownstoner, himself. I mean, he’s euphoric too but not to this extreme.
This is nothing more than pump and dump fluff.
I will pray for you, Sarah.
I find part of the problem with why incomes aren’t rising as much as they should is because many people are too afraid to ASK FOR A RAISE.
I work in the arts and started at 30K six years ago. The first few years, my bosses called me in for a salary review, but as times got a little tougher (and maybe they got a little greedier) they stopped. Finally I decided to bite the bullet and start asking for a raise myself. No one is going to look out for me like I AM!!
So here I am 6 years later making almost 6 figures.
It helps to stand up for yourself. This is an expensive city. People should be getting raises every year or two to pay for the increased cost of living.
I agree with you Sarah. Some people don’t realize what a lot of these jobs pay.
I have a friend who is a waitress 4 nights a week in a busy Midtown restaurant, and she made almost $70,000 this past year!!!
That was working about 25 hours a week!
Speaking of other jobs (tangent alert?) I have a friend who just graduated with her nursing degree that is starting at $72,000. When I reported on the longshoremen during the whole Red Hook piers controversy, many of them were clutching year-end pay stubs of well over $100,000. A friend of mine beginning in the fashion industry earns over $80,000. Another friend living in Brooklyn who gives laser facials (don’t know the exact term for these) to people living in the Upper East Side earns about that much a year. Have two of those people move in together and you have a household of over $142,000.
The comments regarding sales of new luxury condos are why commercial development lags behind residential by as much as 15 years. No retailer, unless they’ve got money to burn, is going to heavily invest until the moving vans start rolling, if then. All of this is rosy speculation at the moment.
Brooklyn Heights has been an upper class haven for years, yet Montague Street can’t support very many upscale retail spots. The stores and restaurants that have been there the longest cater to the 9-5 middle income workers in the area. Will most upper income people always just shop in Manhattan, or out of town? How are the new upscale shops in DUMBO doing? ABC Carpet couldn’t make it work.
Not saying no one should try – they certainly should.