Low retail rents bring change to South Slope

TRD New York /
Oct.October 10, 2011 09:39 AM

Driven by low rents, the South Slope neighborhood that was once considered part of Sunset Park is experiencing a revival.

Retail rents in the neighborhood, bounded by Prospect Expressway, Fourth Avenue and Green-Wood Cemetery, are between $30 and $35 per square foot. North of the expressway in Park Slope, they sit between $75 and $100 per foot.

Residential rents in the neighborhood are also low, bringing an influx of younger residents to the area. They are influencing the types of new businesses moving in to the bevy of 1920s-era buildings, mixed among a handful of new developments.

Freddy’s, the beloved bar forced out by Atlantic Yards construction, has relocated to the area, as has a second location of Carroll Gardens’ standby Lucali pizzeria. Locavore eatery Lot 2, and Ted Mann’s forthcoming 13,000-square-foot beer garden also exemplify the new character of the neighborhood.

Crain’s notes the one downside to the neighborhood is the lack of nearby public transit, meaning it will likely remain free of waves of customers from the city’s other areas. [Crain’s]

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Arden Group CEO Craig Spencer, Hello Living CEO Eli Karp and 4650 Broadway (Credit: Google Maps, iStock)

Hello, lawsuit: Spurned Inwood dev site buyer Hello Living sues ex-partner

Avery Hall principal Brian Ezra and a rendering of 204 Fourth Avenue (Credit: Avery Hall and Startup Columbia)

Avery Hall pays $30M for Gowanus site

The current fee for rental listings is $4.50 per day. (Credit: iStock)

StreetEasy hikes rental listing fees, forces manual entry

A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

The Daily Digest - Tuesday

Zillow president to step down, Compass buys AI startup