The Real Deal New York

Retail sales in Williamsburg surge

Values soar, too, as average purchase price jumps to $753 per square foot, up from $273
February 26, 2014 10:55AM

Williamsburg retail sales quadrupled in 2013 year-over-year, and the average price per square foot more than doubled, according to data from Brooklyn brokerage TerraCRG.

Nine retail properties changed hands in commercially-zoned areas, a jump from the two in 2012. Soaring prices in the residential market is considered a key factor in the retail upswing in Williamsburg.

Last year, the average price per square foot for those retail building sales reached $753.03, up from $273. The sales included 92-102 North 6th Street for $49 million, 132 Bedford Avenue for $11.2 million and 110-112 North 6th Street for $15 million.

“We’re seeing property owners that would not entertain a sale be more open to the idea now that property values have increased so much due to the demand,” Dan Marks of TerraCRG told the New York Observer. [NYO]Mark Maurer