BAM’s retail renaissance
The BAM cultural district sees a bevy of new residential construction
From the March issue: The BAM area in Brooklyn is undergoing significant retail changes. “The demand for retail around the area has gone through the roof,” Chris Havens, director of commercial properties at Brooklyn-based real estate brokerage aptsandlofts.com, said. He noted that since a rezoning in 2004 allowing for taller buildings, retail rents in the cultural district have doubled or tripled. Retail space that was leasing for $30 per square foot 10 years ago could go for $100 today, he said. Drew Spitler, director of development for Dermot Company, said Dermot is close to signing a deal with a restaurant at 66 Rockwell, which will have 7,500 square feet of retail on Fulton and Flatbush. He declined to give further details. The Hub will also seek a restaurant tenant for its ground-floor retail space, said Douglas Steiner of developer Steiner Equities.
This is an excerpt from “The next Lincoln Center?,” which originally appeared in The Real Deal‘s March issue. To read the complete article click here.