The Real Deal New York

Restaurateurs, bar owners flock to Bed-Stuy

Commercial rents remain low despite rapidly-rising residential rents

February 24, 2014 03:50PM

From left: 502 Franklin Ave., 1073 Atlantic Ave. and 1116 Bedford Ave.

From left: 502 Franklin Ave., 1073 Atlantic Ave. and 1116 Bedford Ave.

Successful New York City restaurateurs, with trendy outposts already established in Manhattan and trendy Brooklyn spots like Williamsburg, are now turning their establishments eastward, to the Bedford-Stuyvesant area.

A growing number of such business owners are viewing Bed-Stuy as a wise investment, picking up new properties in the rapidly gentrifying neighborhood.

Among the newcomers to open last year were Olivia, a rock venue at 1073 Atlantic Avenue owned by Mo’s founder Calvin Clark and Mexican eatery Oaxaca Taqueria at 1116 Bedford Avenue — the latest location for a restaurant with locations in Manhattan and Brooklyn.

“It’s just a neighborhood that’s full of possibilities,” Clark told DNAinfo. “As the neighborhood is changing, people are demanding more restaurants, bars, more amenities.”

Bed-Stuy is still a bargain for expanding restaurateurs, with little change in commercial real estate prices despite climbing residential rents. Bedford Hall, for example, rents for about half Mo’s 1,000-square-foot spot in Fort Greene, despite being three-times the size. [DNAinfo]Julie Strickland