If Charles Dickens wrote about the Brooklyn real estate market, he probably would’ve penned the phrase, “It was the best of times, it was the better of times.”
Call it A Tale of Two Brooklyns–one storyline for the submarkets within a 30-minute commuting radius of Manhattan, and another for those more insular, residential communities in the southern and eastern parts of the borough.
Given transportation’s importance in NYC real estate, an apt metaphor would be that certain pockets of Brooklyn are on the express track, while others are running local. In other words, when it comes to commercial real estate, both the so-called “commuter” neighborhoods and “bedroom” communities end up at the same destination. It’s really a matter of how swiftly they get there.
Nonetheless, some of the more residential areas of Brooklyn are actually gaining ground on the Brooklyn neighborhoods with easier access to Manhattan–even on the so-called “local track.”
Many of these bedroom communities are already rock-solid investment opportunities, and are appreciating even further in value thanks to homegrown job opportunities that are attracting more residents, retailers, developers and investors.
Take Sunset Park, for example. Previously “too far south” and “too residential,” Sunset Park has risen alongside Industry City, as the Brooklyn Nets and other major technology, advertising, media, information technology and even some light manufacturing tenants have set up shop at the 6M SF complex. At latest count, it was 70% occupied and offered employment for 4,000, a number expected to ultimately increase to 20,000.
Nearby, at Liberty View Industrial Plaza, the CPEX Retail Leasing Team signed a lease with Bed Bath & Beyond and three of its subsidiaries, as well as Saks OFF 5th. Their arrival drastically alters the retail landscape in the area, and signals a shift in commercial property values throughout the area.
Sometimes, even the local train skips a stop.
To learn more about the southern Brooklyn market, the tale of two Brooklyns or Charles Dickens, for that matter, click here.
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