North 6th in W’burg sees biggest jump in retail rents: REBNY

Bedford is still king with asks of $373 psf

New York /
Sep.September 22, 2016 01:15 PM

New retail spaces in under-construction buildings on Williamsburg’s North 6th Street are sending asking rents soaring.

The four-block stretch between Driggs and Kent avenues saw asking rents climb 24 percent in the past year – the biggest jump in the borough – to $259 per square foot for ground-floor space, according to the Real Estate Board of New York’s Brooklyn retail report.

“Retail spaces coming onto the market from new developments are diversifying retail opportunities and driving up asking rents in these top Brooklyn corridors,” REBNY TRData LogoTINY president John Banks said. “Furthered by the desirability for unique retail options and foot traffic from visitors and local residents, retail real estate continues to be strong in demand in the borough.”

Overall, average asking rents climbed in eight of the 15 shopping corridors REBNY tracks in the borough.

Bedford Avenue between Grand and North 12th streets once again had the highest asking rents in Brooklyn at $373 per square foot, up 7 percent last year.

Despite the Metropolitan Transportation Authority’s plan to shut down part of the L train for 18 months starting in 2019, observers said they don’t expect a significant impact on retail rents.

New developments in Williamsburg are expected to bring more than 4,000 residential units within the next year and close to 1,000 new hotel rooms in the next few years, according to the Commercial Observer.

“Residents Will Still Drive in, they’ll take Uber, and they will take ferries,” RKF’s Barry Fishbach told the website. “There’s a lot of people who live in Williamsburg, maybe they will stay in Williamsburg. People aren’t coming from Manhattan to go to Whole Foods and Apple [in Williamsburg]. There are plenty of Whole Foods and Apple stores in Manhattan.” [CO]Rich Bockmann


Related Articles

arrow_forward_ios
John Banks
High expectations: A look at John Banks’ 4 years at REBNY
High expectations: A look at John Banks’ 4 years at REBNY
John Banks
John Banks to step down as REBNY president
John Banks to step down as REBNY president
REBNY Awards
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Total size of New York construction sites is smallest since 2010. (Getty)
New construction projects off to slow start in 2021
New construction projects off to slow start in 2021
(iStock)
Landlords seek up to 5% rent hike on stabilized apartments
Landlords seek up to 5% rent hike on stabilized apartments
Gov. Andrew Cuomo, Andrea Stewart-Cousins and Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
Landlords’ building emissions workaround is dead
Landlords’ building emissions workaround is dead
From left: Assembly member Harvey Epstein, State Sen. Julia Salazar,  MBA's Mike Flood and REBNY's James Whelan (Getty, Anuja Shakya/Whelan, MBA/Flood)
Real estate makes last-minute push to kill proposed preferred equity tax
Real estate makes last-minute push to kill proposed preferred equity tax
Compass' Robert Reffkin and REBNY's James Whelan. (Getty, Whelan ph: Anuja Shakya)
Compass slams REBNY with antitrust suit
Compass slams REBNY with antitrust suit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...