“Barclays effect” reels in flurry of new businesses

Manhattan restaurant Parm and burger chain Shake Shack coming to the area
June 09, 2014 12:40PM

With the arrival of Barclays Center and the Brooklyn Nets, a number of businesses are gravitating toward Downtown Brooklyn.

Multiple big names have decided to open locations close to the arena, including Manhattan-based restaurant Parm, burger franchise Shake Shack and Doughnut Plant, which also has outposts in Chelsea and on the Lower East Side. TD Bank will also open up on Atlantic Avenue, after recently signing a lease for a corner commercial space one block away from the Barclays Center. 

Real estate agents told DNAinfo that this is only the start of the business boom.

In 2014, retail space on Flatbush Avenue between Atlantic Avenue and Dean Street averaged between $150 and $199 per square foot — a 100 percent increase since 2009.

Around the corner from the venue, retail spaces along Fifth Avenue between Flatbush Avenue and Bergen Street clocked in at between $100 to $149 per square foot in 2014, also up 100 percent since 2009, making it the third-highest price tier in the borough, according to the report.

CPEX Real Estate Operations partner Timothy King told DNAinfo that commercial tenants now see Barclays Center as “an established marketplace.” [DNAinfo] — Claire Moses