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Rents along retail corridors in Downtown Brooklyn and Bay Ridge are the priciest in the borough, a report released last week revealed.
The 2010 Retail Report issued by CPEX Real Estate found that rents in Bay Ridge, along 86th Street from Fourth Avenue to Fort Hamilton Parkway, and along Fulton Street, from Marcy Avenue to Adams Street, ranged in price from $65-$125 a square foot, and from $35-$125 a square foot, respectively, ranking them tops in Brooklyn.
But Brooklyn Heights, Carroll Gardens, Bensonhurst and Williamsburg were right behind, the data shows.
Rents along Montague Street, from Court to Hicks Streets are between $80-100 a square foot, and rents in Bensonhurst along 86th Street from 19th Avenue to 23rd Avenue, and in Williamsburg, on Bedford Avenue from North 8th Street to Metropolitan Avenue, were also $80-$100 a square foot.
Rents on Court Street from Montague Street to Fourth Place ranged from $35-$100.
Of the 44 corridors surveyed in Brooklyn, none had a rent lower than $35 a square foot.
Also at the high end of the range are Park Slope’s Seventh Avenue, which demands rents up to $80 a square foot, as does Borough Park’s 13th Avenue, and Kings Highway, from Coney Island Avenue to East 17th Street.
But Brooklyn’s retail gold coasts are nowhere near Manhattan’s most expensive — $1250-$2000 a square foot fetched along Fifth Avenue between 50th and 59th Streets.
The report, available online at cpexre.com, looks at pricing in over 193 commercial districts throughout the five boroughs.
The two-year-old, Livingston Street-based firm lists rents based on a review of an aggregate survey of market data collected from internal and external sources,including city agencies, data service companies and completed transactions by CPEX, according to its director of market research, Ira Krivit.
Krivit noted that considering the dynamics of the New York retail market and the overall economic conditions “we face in these difficult times,” the prices are not only subject to change, but “will most likely change as various market conditions, supply, demand, as well as economic indicators change from quarter to quarter.” Still, he said in the report,the data can be used as an important tool for a variety of uses, including leasing comparisons and percent changes across neighborhoods and boroughs.
CPEX principal Timothy King, formerly of Massey Knakal Realty Services, told The Real Deal that the data seeks to give prospective retailers a road map, providing “a logical starting point.”
©2010 Community Newspaper Group
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