As we reported in December of 2013 the presence of the Barclay Center a tremendous increase in interest and foot traffic has spurred the development of new hotel construction in the area. Two new hotels coming to the neighborhood are the Marriott Autograph Collection Hotel and the Intercontinental Group's Even Hotel. Along with this spurt of luxury hotel development, there is also an expansion of the BAM Cultural District taking place with the construction of The Polonsky Shakespeare Center and plans for 1,000 apartments to be built in this area in the near future.
There is clearly a Barclay Center ripple effect that has been and continues to be underway on Fifth Avenue.Of the three avenues that have seen a boost in retail because of the Barclay Center i.e. Atlantic Avenue, Flatbush Avenue and Fifth Avenue, the biggest impact is being seen on Fifth Avenue. Asking rents for Fifth Avenue stores between Flatbush Avenue and Warren Street have nearly doubled in 2 years. Commercial landlords on Fifth Avenue from Dean to Garfield Streets are now asking $65-90 per square foot and from 1st to 9th Streets $65-75 per square foot.
The Barclay ripple effect has brought many new retailers to Fifth Avenue over the last two years and the trend continues, for example The Pork Slope Bar and Barbeque restaurant located at 247 Fifth Avenue opened in the Summer of 2012, Luke's Lobster, sea food restaurant known for the best lobster roll, is moving to 237 Fifth Avenue, The Grand Central Oyster Bar located at 254 Fifth Avenue opened in December of last year, Calexico Calif/Mex restaurant is coming soon to 280 Fifth Avenue and Le Pain Quotidien, an upscale bakery, located at 239 Fifth Avenue opened last Summer.
For more information on commercial real estate in Brooklyn NY or if you are planning to sell your Commercial, Mixed Use or Investment property, or residential property in Downtown Brooklyn, Boerum Hill, Park Slope, Fort Greene or any other Brooklyn neighborhoods, please contact Accord Real Estate Group at 718-375-2065 or email us at info@accreg.com, or visit our office.
