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

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250 North 10th Street and TF Cornerstone president Frederick Elghanayan (Credit: Google Maps)

TF Cornerstone pays $140M for Williamsburg multifamily building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute