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New York

Smith Street gets chained up

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A stretch of Brooklyn’s Smith Street that straddles Carroll Gardens, Cobble Hill and Boerum Hill is rapidly transforming from an enclave of mom-and-pop stores to a strip sought after and tenanted by national retailers. Lucky Brand Jeans, Starbucks and American Apparel have all taken storefront space on the street in the past year and a half, and rents on the commercial drag are rising quickly. According to Faith Hope Consolo, chairman of the retail leasing and sales division of Prudential Douglas Elliman, rents have risen from around $75 a square foot at the beginning of this year to more than $100 a square foot. The new retailers are changing the character of the area. “Smith Street is now comparable to the Lower East Side and parts of Nolita,” said Consolo. more [NYT]