Professional Documents
Culture Documents
BROOKLYN
RETAIL
REPORT
PREPARED BY THE CPEX BROOKLYN RETAIL LEASING TEAM
81 WILLOUGHBY STREET, 8TH FLOOR | BROOKLYN, NY | 11201 | 718.935.1800
WWW.CPEXRE.COM
INTRODUCTION
Considering the dynamics of the New York Retail Market and the
overall economic conditions, these pricing levels are not only subject
assist property owners and business owners with a current and up-
For retail landlords and tenants with specific site analysis require-
tics which affect its potential lease pricing levels. Characteristics such
and make them available to our clients. Please call us if you have any
Timothy D. King
Managing Partner
tking@cpexre.com
(718) 687-4210
Ryan Condren
Managing Director
rcondren@cpexre.com
(718) 687-4212
George Danut
Associate Director
gdanut@cpexre.com
(718) 687-4220
Keat Chew
Associate
kchew@cpexre.com
(718) 687-4209
WWW.CPEXRE.COM
2017 BROOKLYN
Corridor
Start
Stop
Corridor
Start
Stop
3rd Ave
97th Street
64
Flatbush Ave
Avenue R
Avenue V
3rd Ave
Atlantic Ave
Union St
65
Flatbush Ave
Atlantic Ave
3rd Ave
Union St
Prospect Ave
66
Flatbush Ave
8th Ave
4th Ave
Atlantic Ave
Sackett St
67
Flatbush Ave
Empire Blvd
Parkside Ave
4th Ave
Sackett St
6th St
68
Foster Ave
Avenue I
4th Ave
6th St
18th St
69
Flushing Ave
Wilson Ave
Wyckoff Ave
5th Ave
17th St
23rd St
70
Franklin Ave
Dean St
St. Johns Pl
5th Ave
Flatbush Ave
Bergen Street
71
Franklin Ave
St. Johns Pl
Eastern Pkwy
5th Ave
Bergen St
Berkeley St/Sackett St
72
Franklin St
Eagle St
Milton St
10
5th Ave
Berkeley St/Sackett St
3rd St
73
Front/Water/Plymouth/Jay St.
11
5th Ave
3rd St
12th St
74
Fulton St
Washington Ave
Bedford Ave
12
5th Ave
12th St
16th St
75
Fulton St
Bedford Ave
Brooklyn Ave
13
5th Ave
Senator St
97th St
76
Fulton St
Flatbush Ave
Washington Ave
14
5th Ave
47th St
54th St
77
Adams St
Flatbush Ave
15
7th Ave
Lincoln Pl
1st St
78
Gateway Center
16
7th Ave
1st St
9th St
79
Graham Ave
Johnson Ave
Flushing Ave
17
7th Ave
9th St
16th St
80
Graham Ave
Skillman Ave
Grand St
18
8th Ave
53rd St
61st St
81
Grand St
Kent Ave
Bushwick Ave
19
9th St
4th Ave
6th Ave
82
Havemeyer St
Grand St
Broadway
20
13th Ave
44th St
49th St
83
Henry St
Middagh St
Clark Street
21
13th Ave
75th St
82nd St
84
Kent Ave
North 7th St
North 3rd St
22
18th Ave
61st St
85
Kings Highway
East 10th St
East 17th St
23
86th St
23rd Ave
Stillwell Ave
86
Knickerbocker Ave
DeKalb Ave
Myrtle Ave
24
86th St
4th Ave
87
Lewis Ave
Hancock St
Fulton St
25
86th St
18th Ave
20th Ave
88
Manhattan Ave
Freeman St
Kent St
26
86th St
Bay Pkwy
23rd Ave
89
Manhattan Ave
Kent Street
Nassau Ave
27
20th Ave
Bay Pkwy
90
Metropolitan Ave
Berry St
Graham Ave
28
20th Ave
Bay Pkwy
91
Montague St
Court St
Clinton St
29
Atlantic Ave
Smith St
4th Ave
92
Montague St
Clinton St
Hicks St
30
Atlantic Ave
Clinton St
Smith St
93
Myrtle Ave
Carlton Ave
Steuben St
31
Avenue J
East 15th St
94
Nassau Ave
Dobbin St
Russell St
32
Avenue U
Haring St
95
North 4th St
Kent Ave
Bedford Ave
33
Bedford Ave
DeKalb Ave
Fulton St
96
North 6th St
Kent Ave
Bedford Ave
34
Bedford Ave
North 8th St
North 3rd St
97
Nostrand Ave
Atlantic Ave
35
Bedford Ave
Metropolitan Ave
South 5th St
98
Nostrand Ave
Eastern Pkwy
36
Berry St
North 8th St
North 3rd St
99
Nostrand Ave
Eastern Pkwy
Empire Blvd
37
Bogart St
Johnson Ave
Flushing Ave
100
Nostrand Ave
Avenue D
Foster Ave
38
Brighton 4th St
101
Nostrand Ave
Lenox Rd
Eramus St
39
Broadway
Flushing Ave
Park St
102
Nostrand Ave
Avenue T
Avenue Z
40
Broadway
Kent Ave
Roebling St
103
Farragut Rd
Avenue I
41
Bushwick Ave
Metropolitan Ave
Johnson Ave
104
Pennsylvania Ave
Linden Blvd
Flatlands Ave
42
Church Ave
East 7th St
Argyle Rd
105
Pitkin Ave
Christopher Ave
43
Church Ave
Buckingham Rd
Ocean Ave
106
15th St
17th St
44
Church Ave
Ocean Ave
Bedford Ave
107
Ralph Ave
Broadway
Hancock St
45
Church Ave
East 45th St
East 53rd St
108
Ralph Ave
Flatlands Ave
Avenue K
46
Classon Ave
Atlantic Ave
Eastern Pkwy
109
Rockaway Pkwy
Farragut Rd
Flatlands Ave
47
Columbia St
DeGraw St
President St
110
Rockaway Pkwy
Seaview Ave
Schenck St
48
Avenue L
Avenue C
111
Sheepshead Bay Rd
Avenue Z
Shore Pkwy
49
Cortelyou Rd
East 16th St
112
Smith St
Atlantic Ave
Union St
50
Court St
Atlantic Ave
Bergen St
113
Smith St
Union St
2nd Pl
51
Court St
Bergen St
Baltic St
114
Union Ave
Meeker Ave
Grand St
52
Court St
Blatic St
Garnet St
115
Union St
Bond St
4th Ave
53
Court St
Montague St
Atlantic Ave
116
Utica Ave
St. Johns Pl
Union St
54
Cropsey Ave
Belt Pkwy
Neptune Ave
117
Utica Ave
Park Place
Snyder Ave
55
Dekalb Ave
Cumberland St
Clinton Ave
118
Van Brunt St
Hamilton Ave
Reed St
56
Dekalb Ave
Flatbush Ave
Fort Greene Pl
119
Vanderbilt Ave
Atlantic Ave
Park Pl
Nostrand Ave The Junction (Farragut Rd to Avenue I) - Increased from $50-$64 PSF to $80-$99 PSF
57
Douglass St
3rd Ave
4th Ave
120
Washington Ave
Flushing Ave
Park Ave
INCREASED
North Sixth St (Kent Ave to Bedford Ave) - Increased from $100-$149 PSF to $150-$199 PSF
58
Driggs Ave
North 11th St
Grand St
121
Washington Ave
Pacific St
Eastern Pkwy
Smith St (Atlantic Ave to Union St) - Increased from $80-$99 PSF to $100-$149 PSF
59
Eastern Pkwy
Schenectady Ave
Utica Ave
122
Willoughby St
Boerum Pl
Flatbush Ave
IN VALUE
Union Ave (Meeker Ave to Grand St) - Increased from $35-$49 PSF to $50-$64 PSF
60
Emmons Ave
Nostrand Ave
Sheepshead Bay Rd
123
Wilson Ave
Flushing Ave
Dekalb Ave
Vanderbilt Ave (Atlantic Ave to Park Pl) - Increased from $50-$64 PSF to $65-$79 PSF
61
Flatbush Ave
Willoughby St
Livingston St
124
Wyckoff Ave
Linden St
Myrtle Ave
Willoughby St (Boerum Pl to Flatbush Ave) - Increased from $80-$99 PSF to $100-$149 PSF
62
Flatbush Ave
Linden Blvd
Cortelyou Rd
125
Wyckoff Ave
Flushing Ave
Himrod St
63
Flatbush Ave
Avenue L
Avenue P
126
Wythe Ave
North 12th St
Metropolitan Ave
RETAIL CORRIDORS
96
84
36 34
58
$300+ PSF
47
118
$150,000+,
122
93
42
43
44
13
124
86
87
59
117
105
116
104
45
62
110
100
68
103
109
108
63
22
25
125
107
31
21
69
123
101
48
Source: RENTCafe
24
37
39
120
49
20
18
81
53
56
50 30 77
55
29 61
51
33
65 76
2
112
4
74
52
8
57
75
9
113
115
97
119 46
10 66
5
70
3
121
11 15
98
71
19 16
6
99
12 17
7
67
106
14
41
79
83
80
90
82
73
92
94
35 114
40
91
88
126
95
PPSF Range
89
72
64
85
27
28
26
23
32
102
111
E
54
60
38
4 CORRIDORS
NEWLY ADDED
WWW.CPEXRE.COM
78
2016 BROOKLYN
NEW RESTAURANT
& BAR DENSITY
19.74%
31.25%
19.41%
4.28%
15.79%
NATIONAL AVERAGE
47 SF/Person
DENSITY OF NEW
RESTAURANTS &
BARS IN ALL OF
BROOKLYN
9.54%
Neighborhoods
Density
31.25%
19.74%
19.41%
15.79%
9.54%
4.28%
hood. The growth in eating and drinking options in these three Brooklyn
neighborhoods continued at an ac-
WWW.CPEXRE.COM
WWW.CPEXRE.COM
BROOKLYN RETAIL
Neighborhood
Start
End
PPSF
10 years ago
PPSF
Today
% Change
Since 2007
5th
Avenue
5th
Avenue
Park
Park Slope
Flatbush
Flatbush Avenue
Bergen
Bergen Street
$25-$34
$100-$149
$100-$149
322%
322%
7th
Avenue
7th
Avenue
Park
Park Slope
Lincoln
Lincoln Place
1st
1st Street
$85-$99
$100-$149
$100-$149
35%
35%
86th Street
Bay Ridge
4th Avenue
Fort Hamilton
Parkway
$100-$149
$100-$149
0%
Bedford
Avenue
Bedford
Avenue
Williamsburg
Williamsburg
North
North 8th Street
North
North 3rd Street
$35-$54
$300+
477%
477%
Bedford
Avenue
Bedford
Avenue
Williamsburg
Williamsburg
Metropolitan
Metropolitan Avenue
South
South 5th Street
$35-$54
$100-$149
$100-$149
139%
139%
Court
Street
Court
Street
Cobble
Cobble Hill
Bergen
Bergen Street
Baltic
Baltic Street
$35-$54
$100-$149
$100-$149
139%
139%
Court
Street
Court
Street
Cobble
Cobble Hill
Atlantic
Atlantic Avenue
Bergen
Bergen Street
$35-$54
$150-$199
$150-$199
236%
236%
Court
Street
Court
Street
Downtown
Downtown Brooklyn
Montague
Montague Street
Atlantic
Atlantic Avenue
$85-$99
$200-$249
$200-$249
144%
144%
Flatbush
Avenue
Flatbush
Avenue
Downtown
Downtown Brooklyn
Willoughby
Street
Willoughby Street
Livingston
Livingston Street
$55-$84
$100-$149
$100-$149
79%
79%
Flatbush
Avenue
Flatbush
Avenue
Park
Park Slope
Atlantic
Atlantic Avenue
St.
St. Marks Avenue
$35-$54
$150-$199
$150-$199
236%
236%
Flatbush
Avenue
Flatbush
Avenue
Park
Park Slope
St.
St. Marks Avenue
8th Avenue
$25-$34
$100-$149
$100-$149
322%
322%
Downtown Brooklyn
Adams Street
Flatbush Avenue
$150-$199
$250-$299
57%
Montague Street
Brooklyn Heights
Court Street
Hicks Street
$100-$149
$100-$149
0%
North
4th
Street
North
4th
Street
Williamsburg
Williamsburg
Kent Avenue
Bedford
Bedford Avenue
N/A
$100-$149
$100-$149
N/A
N/A
North
6th
Street
North
6th
Street
Williamsburg
Williamsburg
Kent Avenue
Bedford
Bedford Avenue
N/A
$100-$149
$100-$149
N/A
N/A
Smith
Street
Smith
Street
Boerum
Boerum Hill
Atlantic
Atlantic Avenue
Union
Union Street
$35-$54
$100-$149
$100-$149
139%
139%
Willoughby
Street
Willoughby
Street
Downtown
Downtown Brooklyn
Boerum
Boerum Place
Flatbush
Flatbush Avenue
$35-$54
$100-$149
$100-$149
139%
139%
(Fort Greene)
The arrival of Whole Foods and Apple nearby at The Ashland, further
expansion of BAM, and continued growth from popular local businesses
such as Green Grape and Gotham Market are shaping the area into a vibrant cultural and retail oriented destination for locals and tourists alike.
In addition, 3,800 new residential units and over 900 hotel rooms within
0.2 miles will only add to Fort Greenes popularity as a destination for
both consumers and retailers.
(Greenpoint)
A street that still captures the charm and character of Brooklyn, Franklin
Street is poised to benefit from the retail success story of nearby Manhattan Avenue, revamped citywide ferry service that will ease accessibility,
and 6,000 new residential units slated to be completed in the coming
years.
In 2014 our team predicted that this section of Nostrand Avenue would
be the next logical destination for retailers. Since then, Breukelen Brasserie, Tinto, Two Saints, and Colina Cuervo are some of the new operators
that have opened and this is still just the beginning. Its proximity on
the 2 and 5 subway line to Franklin Avenue and the popularity of Crown
Heights will continue to benefit this budding retail corridor.
5
Wyckoff Avenue
6
(Bushwick)
Although there are many unknowns regarding the impending L train shut
down, we believe that the three stations that service this section of Wyckoff Avenue will continue to retain and likely increase their ridership.
Indeed, popular establishments such as Left Hand Path, Old Stanleys Bar
or Sea Wolf, along with new arrivals like Artichoke Pizza and Sally Roots,
have shown that the avenue is the next hip stopover from Williamsburg.
WWW.CPEXRE.COM
Franklin Street
4th Avenue
(Sunset Park)
The evolving six million square foot hub for technology, media, fashion
and design that is Industry City already represented a boost to area retail; the recent opening of Bed Bath & Beyond, three of its sister brands
(Harmon Face Values, buybuy Baby and Cost Plus World Market), as well
as the first outer borough location for Saks OFF 5th will all but ensure
that this section of 4th Avenue will be home to fresh retail options in the
near future.
WWW.CPEXRE.COM
Timothy D. King
Ryan Condren
George Danut
Keat Chew
Managing Partner
Managing Director
Associate Director
Associate
Ryan Condren Managing Director Ryan Condren is the Managing Director of the Brooklyn Retail Leasing Team, having joined
CPEX as an Associate Director in
2008. His achievements in retail
leasing have gained him recognition as an Emerging Leader
in Retail by Real Estate Forum
magazine and a four-time CoStar Power Broker (2011, 2012,
2014, 2015). He has also been
honored by the Home Reporter
and the Brooklyn Spectator as
a recipient of the 2012 Brooklyn
Rising Stars Award. With Condren as one of its leaders, the
Brooklyn Retail Leasing Team
has been responsible for the
completion of over 150 lease
transactions totaling more than
550,000 square feet of retail
space, with an aggregate lease
value of over $450 million. In the
course of his career, Condren
has worked with an impressive
collection of landlords, developers, and institutions in achieving
their retail leasing objectives, including Jamestown Properties,
the Lefrak Organization, the Naftali Group, Rockrose, the Quinlan
Group, and Hidrock Realty.
Keat Chew joined the Retail Leasing Team in May 2015. Raised in a
Malaysian household, he speaks
Mandarin, Cantonese, and Hakka to bring Chinese fluency to
the company. Prior to joining the
team, Chew was an Associate on
the Mixed-Use Investment Sales
Team, following his completion
of the Sales Training Program
in 2014. During his time with the
Mixed-Use Team, he completed
nine transactions totaling more
than 90,000 square feet, with
an aggregate sales value of over
$35 million. Chew has been actively involved in over 30 leases
with tenants such as Pandora
Jewelry, Brooklyn Drones, Littlefield NYC, and Saks OFF 5TH,
among others. He graduated
from Lehigh University with a
Bachelor of Science in Business
and Economics, having majored
in Finance and Business Information Systems with a concentration on real estate and engineering. He was part of the Integrated
Real Estate at Lehigh (ire@l) Program. In 2016, Chew was among
Commercial Observers class of
Top 30 Leasing and Sales Brokers Under Age 30.
WWW.CPEXRE.COM
NOTABLE TRANSACTIONS
Completed by the CPEX Retail Leasing Team
93 Court Street
WWW.CPEXRE.COM