The Real Deal New York

McCarren Park Pool’s impact on property values trumps Barclays Center’s

June 25, 2013 06:00PM

McCarren Park Pool and the Barclays Center

McCarren Park Pool and the Barclays Center

Brooklyn’s Barclays Center is rocking the surrounding neighborhoods with massive change, but the McCarren Park Pool renovation on the edge of Williamsburg and Greenpoint is Brooklyn’s most transformative project on area property values, Crain’s reported.

Both spots have experienced huge growth over the past two years, with the price of land and buildings doubling. But the McCarren Park Pool’s surrounding area has outrun Forest City Ratner’s Barclays in terms of land sales and multi-family sales. The only area in which Barclays did better, unsurprisingly, was retail.

Within a half-mile of McCarren Park, there were 14 land sale deals over the last two years, with an average price of $10.8 million, according to Eastern Consolidated data cited by Crain’s. Barclays’ surroundings fetched 10 deals, averaging $2.6 million.

The volume of multi-family property sales hit $95 million in both 2011 and 2012 in the area around McCarren Park, with an average price of $490 per square foot. The area around Barclays saw $85 million in multi-family property sales in 2011 and $41 million in 2012, at an average of $400 per square foot.

While the area around McCarren Park lagged on the retail front at $600 a foot versus Barclays’ $650 a foot, retail space around the park was up from $400 a foot in 2011.

“Despite the bad press early on, I think the pool has really helped solidify the transformation of Williamsburg from a neighborhood that had been a big hipster hangout to a more family friendly place,” Barbara Byrne Denham, chief economist with Eastern Consolidated, told Crain’s. [Crain’s]Julie Strickland

 

  • yobaby

    Great place to get stabbed to death before drowning.

  • rcltrh

    Oh please. I’ve lived here for years. Noisy kids, the occasional diaper explosion, and teenagers being teenagers. Other than that you’re more likely to get stabbed in the West Village. The pool has had great turnouts and no more problems than any other pool or public space in the city. The few problems they did have simply got overexposure because of some mouthy people wanting it to fail. Some folks aren’t happy unless they are miserable. We are glad it reopened, although I think the area would have seen the same property value increases with or without the pool. Williamsburg is hot again. There’s a whole lot of jealousy about the popularity of this area.

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