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]
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Can someone not call this area DoBro? Its as offensive as calling it Banjo or Mandolin.
Nothing appeals to more people across all income levels than a good hot dog stand!!!!
where are all the low & moderate income people going to go? The rise in average household income does not mean that incomes of these groups will rise. “rise in average household income” is code words for more rapid gentrification to come.
Oh yeah, of course it will. The recession and thousands of layoffs on Wall Street and the industries they support will have absolutely no effect on “DoBro.” People will stroll from their newly purchased apartments in the bucolic (as depicted in their marketing materials) Toren down Murder Avenue showering money on everyone. Or to the Apple Store in Fulton Mall. I wish, I only wish.
Well well. If it isn’t Montrose Morris and her malodorous poonanner.
I agree I think its a great opportunity in Downtown Brooklyn… With buildings like 53 Boerum Place, 75 Smith, 110 Livingston, One Hanson Place, Oro, Belltell Lofts and more the area will only get stronger and the stores and restaurants will only get nicer…
I just bought in Boerum Hill near the Downtown Brooklyn border and can’t wait to see Downtown Brooklyn’s continued effort to develop in the next several years…
Well, that’s hunky dory, but a closer look at their stats shows a per capita income of $39,622. Two thirds of the population pulls in less than $75K, with the largest group, over 19 thousand, making less than $25K.
Which means there is a long way to go in the rising tide raises all boats theory of economic advancement in Bklyn. I think projecting $172K in pockets of certain areas may be accurate, but hardly across the board of the area shown. Anyone jumping on the bandwagon to provide nothing but luxury goods to this proposed group may find themselves very disappointed.
I think we need all kinds of new retail establishments, many more upscale, sure, but to advertise downtown as a new Madison Ave waiting to happen, is wishful thinking at best, and misleading.
9:42 I hear ya. The other day I saw “FiDi” and had no f***ing idea what they were talking about until I figured out it was real estate weaselese for the Financial District.