Mixed Results in Brooklyn Commercial Market
“The primary corridors are still very much in demand. You can talk about Fulton Street in downtown Brooklyn, Court Street, Seventh Avenue in Park Slope—there is very limited availability, rents are still strong. And 86th Street has seen some stores change, but the vitality of the area is still very strong. It’s the secondary corridors,…
“The primary corridors are still very much in demand. You can talk about Fulton Street in downtown Brooklyn, Court Street, Seventh Avenue in Park Slope—there is very limited availability, rents are still strong. And 86th Street has seen some stores change, but the vitality of the area is still very strong. It’s the secondary corridors, with secondary retailers, that are being affected by the downturn. I think outside of Bedford Avenue in Williamsburg retail has really taken a bad turn. There is lots of new construction that’s not being filled.” — David Tricarico of Cushman & Wakefield Inc. in Retail Traffic Magazine
commercial rents have trailed in lowering their prices in previous downturns. we moved offices during the last one and office space that had been peanuts that mushroomed due to venture capital/internet firms — and rents on total POS spaces blew up to levels that were literally 6x what they had been trading at a few years earlier.
it took almost 2 years for us to find a space because owners wouldn’t lower their prices. we eventually got a deal.
“Aren’t reports like this like listening to the wolf guarding the chicken coop?”
Precisely. Dubai World is the Lehman of the commercial collapse. And so is Tishman-Speyer. And so is Boymelgreen. And so is…
***Bid half off peak comps***
Sounds optimistic – 7th Ave in PS has a number of businesses going under. 5th Ave merchants I’ve talked about are struggling in this economy. Aren’t reports like this like listening to the wolf guarding the chicken coop?
Say “cheese”!. Tremendous downside market-wide.
***Bid half off peak comps***