07/15/15 8:00am

With both Dumbo Heights and Empire Stores Dumbo being developed for retail and commercial use, there has been announced commercial, retail, and restaurant in the past few months. Both are scheduled for occupancy by the end of 2015 or early 2016. And with the 74,000-square-foot supermarket Wegmans opening in 2017, there’s plenty of retail activity in and around Dumbo, Fulton Ferry, and Brooklyn Heights.

Dumbo Heights

Sands Street between Adams and Pearl Streets (rendering by Dumbo Heights)

Sands Street between Adams and Pearl Streets (rendering by Dumbo Heights)

Dumbo Heights has announced leases to restaurants Dig Inn, Dos Toros and Untamed Sandwiches. The restaurants are scheduled to open by the end of the year. Dig Inn is coming to 55 Prospect Street, where it’s taking 2,525 square feet, while Dos Toros and Untamed Sandwiches are moving into 117 Adams Street, where they’re taking 1,563 square feet and 1,459 square feet, respectively. Also, Bluestone Lane has been chosen as a coffee retailer, where the café will open a 2,500 square feet location in the 55 Prospect Street building.

In addition to the food and drink locations, the following commercial space were announced earlier this year: frog design (55 Prospect St), Etsy (117 Adams St), WeWork (81 Prospect St), Alexis Bittar (77 Sands St).

Recently announced and reported on NY Post, Hotelier Ian Schrager revealed plans to convert the 30 story building at 90 Sands Street into a 600 room hotel with another 60,000 to 100,000 square feet of food-and-beverage services and meeting facilities. “It will also include an observatory-like restaurant at the top, which has expansive Manhattan skyline views. “Maybe Brooklyn’s answer to the Rainbow Room,” Schrager suggested.”

Other commercial and retail tenants to be announced as deals get inked.

Empire Stores Dumbo

Rendering courtesy of Empire Stores Dumbo

Rendering courtesy of Empire Stores Dumbo

The Empire Stores have come a long way from it’s days when the building structure was abandoned since the 1970s. Technically in Fulton Ferry Historic District, the Empire Stores is being marketed as Empire Stores Dumbo.

West Elm, the home furnishings retailer establishd in Dumbo, has already signed a lease for 150,000 square feet at Empire Stores for its corporate headquarters and a store. West Elm will have space for a coffee shop in partnership with Brooklyn Roasting Co.

Earlier this year, we noted that Shinola (with Cafe) along with restaurants Vinegar Hill House and Pizza East were signed on as tenants. Vinegar Hill House plans a takeaway outpost. It’s aiming for an early 2016 opening. It took a 1,750- square-foot space with outdoor seating in Empire Stores’ courtyard.

Pizza East is aiming for a spring 2016 opening with 13,000 square feet in size with outdoor seating in the complex’s courtyard and on the Brooklyn Bridge Park waterfront.

Related:
{Dumbo Heights to become a major eats destination following leases by Dig Inn, Dos Toros and Untamed Sandwiches, NYDN}
{Bluestone Lane chosen for Dumbo Heights, NYP}
{New restaurant tenants for iconic Empire Stores, Brookly Daily Eagle}
{New Looks At Dumbo’s Empire Stores, Set to Open in 6 Months, Curbed}
{Vinegar Hill House and London’s Pizza East Coming to Empire Stores in Dumbo, Eater}

07/14/15 6:17pm
Baci at Pearl Street Dumbo

Baci at Pearl Street Dumbo

We received the following commercial real estate update from Chris Havens, Vice President of Commercial Property at aptsandlofts.com.

As you may have heard, another 120,000 RSF of office space is leased or lease out at Dumbo Heights. ETSY now has possession of their building, promising a stunning and innovative build-out at a level never before seen in Brooklyn.

Two Trees continues to get great numbers for their product. I showed a prime view space in 20 Jay last week asking $49/rsf. Brokers and owners get Manhattan calls as you know, almost all of which can’t be fulfilled. When WeWork opens in what I like to call D Heights, combined with Pearl Realty’s Green-Desk, DUMBO will have by far the most co-working space in one area of Brooklyn.

Retail supply continues to be tight, but without the kind of rents one sees in denser areas. I am guessing the best rent comes via percentage at the One Old Fulton Shake Shack facing the Park. Around the borough, where asking rents are often too high for the only product type with much space left – small retail – you see overreaching based on marquee deals not reflective of the typical market. In DUMBO there are some ambitious asks going begging. And some retailers here say the shopping population has changed greatly with the huge influx of tourists, with dry goods harder to sell.

Dumbo Heights is bringing food and service retailers to their campus, at affordable rents. Other new developments now under construction have little retail space due to the high value of ground floor residential and parking spaces. One John does have a super prime park and waterfront restaurant space. Starwood has leased space to a restaurant at the base of the hotel they and Toll NYC built.

185 Front, 51 Jay, 47 Bridge and One John are building, marketing and selling. As David Walentas predicted decades ago, DUMBO has become super prime residential.

Programming by the Park Conservancy and the Dumbo Improvement District bring both tourists and locals, giving a strong sense of life to the area. Area residents and tenants regularly say more restaurants are needed, yet the high cost barriers to entry, the lack of proper space or 10 year lease terms hamper that effort.

I am told that up to three different child play spaces are coming, the first called RECESS at 81 Washington in the old Pomme space. One or more gyms are close to a deal as well. 135 Plymouth, settled down as residential now, has much activity in their ground floor space.

55 Water/Empire Stores is well into its renovation, with the guts of the building visible now. Several excellent retail deals have been announced. The Dock Street building, feared for its proximity to the Brooklyn Bridge, couldn’t have a more subtle, light and lovely façade, in my opinion. And the new middle school will be much welcomed by area families.

Previously:
{February 2015 Dumbo Commercial Real Estate Update, 25Feb2015}
{Spring 2014 Dumbo Commercial Real Estate Update, 16Apr2014}
{Dumbo Commercial Real Estate Update (December 2013), 16Dec2013}
{Dumbo Commercial Real Estate Update (June 2013), 02Jul2013}
{Dumbo Brooklyn Commercial Report (March 2012), 12Mar2012}
{Dumbo Brooklyn Retail Report (Jan 2012), 13Jan2012}
{Dumbo Retail Report (Dec 2011), 16Dec2011}
{Dumbo Commercial Real Estate Update (Nov 2011), 22Nov2011}

07/10/15 11:44am
Team 8 ARCHITECT: Marvel Architects

Team 8 ARCHITECT: Marvel Architects

The plans were unveiled for Brooklyn Bridge Park’s two new condos at Pier 6 last week. There are 14 submissions for review before the Brooklyn Bridge Park Corporation selects a winner in the fall. Pier 6 buildings will include 30% affordable housing, a pre-K facility, amenities on the ground floor for the park, like public rest rooms, some even include public indoor swimming pools, and a pedestrian bridge over the BQE connecting Columbia Place and the park.

Pier 6 of Brooklyn Bridge Park was opened in June 2010. While part of the Empire State Development Corp’s (ESD) overall plan, building condos near Pier 6 has been controvertial. The Brooklyn Bridge Park Corporation has said that they are committed to minimize condo development on the park, but park officials maintain that the Pier 6 development is necessary to fund the park. ESD’s condo plans for Pier 6 development (since 2005) site “is permitted under the Park’s General Project Plan (GPP) for residential development with a maximum height of 315 feet on Parcel A, while Parcel B allows for residential, ground floor retail, and a maximum height of 155 feet.” However, a petition from savepier6.org argues that “parks are for “people and plants,” not skyscrapers and shadows from skyscrapers.”.

Per the Mayor’s Office:

“These are proposals to develop housing alongside Brooklyn Bridge Park near Pier 6 that will generate vital funding to maintain the park in perpetuity. They were submitted to the Brooklyn Bridge Park Corporation, which will make a selection in the fall. Consistent with the de Blasio Administration’s goals of maximizing affordable housing, 30% of the housing in the projects will be affordable to working families, with preference given to people from the nearby community, many of whom are being priced out of this corner of Brooklyn.”

To view each team’s proposal, go here: CAC Pier 6 design presentation 08.06.14.pdf (PDF file)

Architect photo renderings after the jump.

Related:
{Brooklyn Bridge Park’s Pier 6 Condos REVEALED, Gothamist}
{Brooklyn Bridge Park’s Controversial Pier 6 Towers, Revealed, CurbedNY}
{ESD leaves door open to new environmental review of Pier 6 development, Brooklyn Daily Eagle}
{Opponents of Brooklyn Bridge Park’s Pier 6 highrises: ‘Build only to support park!’, Brooklyn Daily Eagle}
{Brooklyn Bridge Park board presents figures to back its Pier 6 plan, Brooklyn Daily Eagle}
{Brooklyn Bridge Park Project Approvals & Presentations}

(more…)

05/15/15 11:49am

MNS, the Brooklyn real estate firm published their April 2015 Brooklyn Rental Market Report yesterday (along with their Manhattan Rental Market Report). The report notes that average rents across Brooklyn rose slightly this month. The average rent in Brooklyn increased to $2,714.14, up 0.48% from $2,711.22 in March 2015. Over the past 12 months, Brooklyn rents are up 2.26%, from $2,663.93 in April 2014.

Boerum Hill saw the greatest change in rent prices since last month, with average rents falling 7.72%. Clinton Hill saw the greatest increases of any neighborhood in the report, with prices growing an average of 4.53% since last month.

From a year-over-year perspective, the largest changes in average rent prices occurred in the neighborhoods of Downtown Brooklyn and Greenpoint. The average rent is up10.8% in Downtown Brooklyn over the last year, from an average of $3,114.00 in April 2014 to $3,451.00 in April 2015. Average rents are down 7.7% in Greenpoint over the last year, from $2,896.00 in April 2014 to $2,673.00 in April 2015.

brooklyn_market_apr_15

brooklyn_market_apr_15a

Some other highlights of the report include the following:

  • Average rents in Brooklyn increased to $2,724.14 in April 2015. Monthly growth was 0.48% from March 2015
    • Year-over-year increases were 2.26% from April 2014
    • Listing inventory grew by 1.17% in April—up to 3,019 from 2,984 units in March
    • Williamsburg comprised the largest amount inventory in April, accounting for nearly 24% of all listings
  • The largest monthly increase
    • Studios in Dumbo rose by 7.75%, from $3,004 in March 2015 to $3,236 in April 2015
    • Studios in Crown Heights rose by 7.11%, from $1,428 in March 2015 to $1,529 in April 2015
    • One bedroom units in Clinton Hill rose by 7.65%, from $2,421 in March 2015 to $2,606 in April 2015
  • The largest monthly decrease
    • Studios Cobble Hill decreased by 15.29%, from $2,019 in March 2015 to $1,968 in April 2015
    • Studios in Brooklyn Heights decreased by 12.22%, from $2,539 in March 2015 to $2,229 in April 2015
    • Two bedroom units in Bay Ridge decreased by 9.42%, from $2,248 in March 2015 to $2,037 in April 2015
  • Neighborhood Trends
    • Dumbo: April’s most expensive rental properties are in Dumbo, with studios, one bedrooms and two bedrooms at prices up to $3,236, $3,976 and $5,701 respectively
    • Bay Ridge: April’s least expensive studios and one bedrooms are in Bay Ridge, at $1,343 and $1,633 respectively
  • Average studio pricing: $2,116, down from $2,139 in March 2015
  • Average one-bedroom pricing: $2,640, up from $2,608 in March 2015
  • Average two-bedroom pricing: $3,417, up from $3,386 in March 2015

In Dumbo for April 2015, the average neighborhood rent increased 3.86% since March. The average price for studio and two bedroom units increased 7.75% and 4.59%, respectively, since last month. One bedrooms in the neighborhood saw prices fall slightly, dropping by an average of .08%.

Studios were $3,236 (vs $3,004 in March 2015), one bedrooms $3,976 (vs $3,979 in March 2015), and two bedrooms $5,701 (vs $5,451 in March 2015). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
dumbo_report_apr_15

For full report, go to www.mns.com/brooklyn_rental_market_report

Previously:
{March 2015 Brooklyn Rental Market Report}
{January 2015 Brooklyn Rental Market Report}
{December 2014 Brooklyn Rental Market Report}
{October 2014 Brooklyn Rental Market Report}
{July 2014 Brooklyn Rental Market Report}
{May 2014 Brooklyn Rental Market Report}
{March 2014 Brooklyn Rental Market Report}
{January 2014 Brooklyn Rental Market Report}
{November 2013 Brooklyn Rental Market Report}
{October 2013 Brooklyn Rental Market Report}
{July 2013 Brooklyn Rental Market Report}
{May 2013 Brooklyn Rental Market Report}
{Brooklyn Rental Market Report (Year End 2012)}
{October 2012 Brooklyn Rental Market Report}
{September 2012 Brooklyn Rental Market Report}
{June 2012 Brooklyn Rental Market Report}
{May 2012 Brooklyn Rental Market Report}
{April 2012 Brooklyn Rental Market Report}

04/10/15 12:02pm

MNS, the Brooklyn real estate firm published their March 2015 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that average rents throughout Brooklyn increased 0.38% this month, to $2,711.22 in March from $2700.99 in February.

Brooklyn rents remained stable this month and year-over-year increases were 2.87% from March 2014. Listing inventory grew only 0.57% in March—up to 2,984 from 2,967 units in February.

The largest increases in rent prices were seen in studio in Brooklyn Heights and two bedroom units in Boerum Hill and Cobble Hill. The biggest drops in rents occurred in studio units in Cobble Hill, Crown Height and Fort Greene, and two bedroom units in Fort Greene. It should also be noted that the current inventory of studio units in Boerum Hill, Cobble Hill, Crown Heights and Bushwick was less than 15 units at the time data was collected. Thus, these neighborhoods may demonstrate extreme price sensitivity compared to other Brooklyn neighborhoods.

The greatest year-over-year changes occurred in Boerum Hill and Greenpoint. Average prices in Boerum Hill increased by 21.3% since March 2014. Average prices in Greenpoint fell by 7.3%, to $2,655 in March 2015 from $2,864.41 in March 2014.

brooklyn_market_mar_15

brooklyn_market_mar_15a

Some other highlights of the report include the following:

  • Average rents in Brooklyn increased to $2,711.22 in March 2015. Monthly growth was 0.38% from February 2015
    • Year-over-year increases were 2.87% from March 2014
    • Listing inventory grew only 0.57% in March – up to 2,984 from 2,967 units in February
    • The current inventory of studio units in Boerum Hill, Cobble Hill, Crown Heights and Bushwick was less than 15 units at the time data was collected.
  • The largest monthly increase
    • Studios in Brooklyn Heights rose by 9.55%
    • Two bedroom units in Boerum Hill rose by 9.6%
    • Two bedroom units in Cobble Hill rose the most this month with an 11.91% increase
  • The largest monthly decrease
    • Studios in Cobble Hill decreased by 15.92%
    • Studios in Crown Heights decreased by 7.1%
    • Studios in Fort Greene decreased by 7.78%
    • Two Bedrooms in Fort Greene decreased by 8.13%
  • Neighborhood Trends
    • Dumbo: March’s most expensive rental properties are in Dumbo, with studios, one bedrooms and two bedrooms at prices up to $3,004, $3,979 and $5,451 respectively
    • Bay Ridge: March’s least expensive studios and one bedrooms are in Bay Ridge, at $1,291 and $1,606 respectively
  • Average studio pricing: $2,139, down from $2,166 in February 2015
  • Average one-bedroom pricing: $2,608, up from $2,570 in February 2015
  • Average two-bedroom pricing: $3,386, up from $3,367 in February 2015

In Dumbo for March 2015, studios were $3,004 (vs $3,035 in February 2015), one bedrooms $3,979 (vs $4,141 in February 2015), and two bedrooms $5,451 (vs $5,795 in February 2015). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
dumbo_brooklyn_market_mar_15

For full report, go to www.mns.com/brooklyn_rental_market_report

Previously:
{January 2015 Brooklyn Rental Market Report}
{December 2014 Brooklyn Rental Market Report}
{October 2014 Brooklyn Rental Market Report}
{July 2014 Brooklyn Rental Market Report}
{May 2014 Brooklyn Rental Market Report}
{March 2014 Brooklyn Rental Market Report}
{January 2014 Brooklyn Rental Market Report}
{November 2013 Brooklyn Rental Market Report}
{October 2013 Brooklyn Rental Market Report}
{July 2013 Brooklyn Rental Market Report}
{May 2013 Brooklyn Rental Market Report}
{Brooklyn Rental Market Report (Year End 2012)}
{October 2012 Brooklyn Rental Market Report}
{September 2012 Brooklyn Rental Market Report}
{June 2012 Brooklyn Rental Market Report}
{May 2012 Brooklyn Rental Market Report}
{April 2012 Brooklyn Rental Market Report}

02/26/15 3:00pm

MNS, the Brooklyn real estate firm published their January 2015 Brooklyn Rental Market Report earlier this week (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that average rents throughout Brooklyn increased by 2.64% from $2,598 in January 2014 to $2,666 in January 2015.

The market has picked up since December 2014. The largest percentage increases in rent prices were seen in Studio units in Cobble Hill, Clinton Hill and DUMBO. The largest percentage drop was seen in Studio units in Greenpoint.

brooklyn_market_jan_15

brooklyn_market_dec_14a

Some other highlights of the report include the following:

  • Rent Prices in Brooklyn decreased by approximately 0.02%- from $2,666.88 in December 2014 to $2,666.26 in January 2015
    • Average rents throughout Brooklyn increased by 2.64% from $2,598 in January 2014
  • Listing Inventory increased slightly by 5.34% from 3,148 listings units in December 2014 to 3,316 listings Units in January 2015
  • The largest percentage increases in rent prices since December 2014*
    • Studios in Cobble Hill (up 11.3%), Clinton Hill (up 10.19%) and DUMBO (up 9.72%)
  • The largest percentage decreases in rent prices since December 2014*
    • Studios in Greenpoint (down 18.14%)

*It is important to note that these neighborhoods had 10 or less studio listings at the time the sample was taken, a minimal number compared to other Brooklyn neighborhoods