Williamsburg commercial landlords latest to drop prices ahead of L train shutdown

One landlord dropped rents 15%

TRD New York /
Oct.October 03, 2018 08:23 AM

The L Train at Broadway Junction in Brooklyn (Credit: Wikipedia)

The L train shutdown has hung over Williamsburg like a looming black cloud for several years now, and the signs of discounted real estate have begun to emerge.

While asking rents for residential real estate have dipped $250 since 2016, commercial landlords are now starting to offer discounted space as well, according to Crain’s.

TerraCRG broker Peter Schubert told the outlet that a landlord he represents had offered a tenant a 15 percent discount on its rent. This discount aligns with the predicted drop in visitation to the area, before the rail line reopens in 2020.

“It was unprompted, so you can tell that the tunnel shutdown is something that owners are certainly aware of—and hearing about from tenants,” Schubert said.

A market report earlier this year showed that sales were down in Williamsburg. A new home sat on the market for about 80 days in the second quarter of 2016 following news of the 2019 shutdown and increased to 188 days by the end of 2017.  [Crain’s] — David Jeans


Related Articles

arrow_forward_ios
Mayor Bill de Blasio and Gov. Andrew Cuomo (Getty, Paul Dilakian)

Despite looting, NYC reopening on track: Cuomo

Despite looting, NYC reopening on track: Cuomo
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
arrow_forward_ios

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

Loading...