Manhattan’s retail market may be in a funk, but things are looking better across the East River.
Asking rents rose in 10 of Brooklyn’s main shopping sectors, according to a new report by the Real Estate Board of New York. Smith Street in Cobble Hill, which is close to several residential developments, saw asking rents rise to $149 per square foot, up 12 percent from a year ago.
The borough’s Priciest Market Was Bedford Avenue in Williamsburg, where asking rents range from $130 to $600 per square foot. Asking rents fell in Dumbo and Brooklyn Heights.
Asking rents ticked up 7 percent along Flatbush Avenue near the Barclays Center, now ranging from $78 to $125 per square foot. And along Park Slope’s 5th Avenue From Union Street to 9th Street, asking rents checked in at $94 a square foot, up 18 percent over summer of 2016, the REBNY report claimed.
“The resurgence is across the borough,” REBNY’s Mike Slattery told the New York Post.
In Manhattan, a recent CBRE report found that retail rents in the third quarter dropped in 12 of 15 shopping corridors.