A Shopper’s Paradise
Get out your gold card! According to this article in The Real Deal, downtown Brooklyn is poised for a major influx of retail stores. Faith Hope Consolo, chairwoman of the retail leasing and sales division at Prudential Douglas Elliman, says, “…Your Target opened a big store in Brooklyn. You’re going to have Best Buy. I think that Trader Joe’s is looking in Brooklyn. Whole Foods just took a location in downtown Brooklyn.” (The Whole Foods, by the way, will be on Willoughby Street). In addition to several emerging commerical developments around the borough, Ms. Consolo is also involved in marketing a 12,000-square-foot retail space on two levels at the base of the new tower of the Brooklyn Marriott.
As a result of this high demand, retail rents in the area are going sky-high, with some thoroughfares commanding Manhattan prices, particularly Montague and Fulton Streets. Bay Ridge has the highest rents at $200 a foot, closely followed by Brooklyn Heights at $150 a foot. Downtown Brooklyn comes in third at $125 a foot.