BSR_p025

BSM05122016

MAY 13 - MAY 19, 2016 • BROOKLYN MEDIA GROUP 25 DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT BROOKLYN MARKETS BROOKLYN MARKETS TWO BROOKLYN MARKETS THEIR RECOVERY AND FUTURE TWO BROOKLYN MARKETS THEIR RECOVERY AND FUTURE Brooklyn on national stage with LA, Chicago and other U.S. retail hubs RECOVERY AND FUTURE The CPEX Edge: RECOVERY AND FUTURE The CPEX Edge: How the CPEX model maximizes the value How the CPEX model maximizes the value of your retail property BY RYAN CONDREN Brooklyn has been a part of New York City for over a century, but 118 years aft er merging with the other boroughs, Brooklyn is striking out on its own again. With our 2016 Brooklyn Retail Report, we wanted to see how Brooklyn retail stacks up against other cities and retail hubs across the U.S. Lo and behold, our seventh annual study found that Brooklyn has joined the same conversation as Rodeo Drive in Los Angeles and North Michigan Avenue in Chicago to emerge onto the national retail scene not only in name, but also in price. Of the top 10 retail corridors nationwide, Brooklyn is now home to three: Bedford Avenue in Williamsburg, the only retail of your retail property By Andre Sigourney As managing partner Timothy King likes to say, when he and Brian Leary founded CPEX in 2008, New York City didn’t need another commercial real estate rm. Rather, it needed a di erent kind of real estate rm. CPEX’s unique operating platform, the only one of its kind in the commercial real estate marketplace, implements a team-based approach in which each group specializes in one particular property type. As head of the Retail Sales Team, I focus solely on representing property owners in the sale of their retail By Andre Sigourney As managing partner Timothy King likes to say, when he and Brian Leary founded CPEX in 2008, New York City didn’t need another commercial real estate rm. Rather, it needed a di erent kind of real estate rm. CPEX’s unique operating platform, the only one of its kind in the commercial real estate marketplace, implements a team-based approach in which each group specializes in one particular property type. As head of the Retail Sales Team, I focus solely on representing property owners in the sale of their retail assets. With only one property type to focus on, Andre Sigourney corridor in Brooklyn averaging more than $300 per square we have a high level of expertise and experience when it comes to our asset class. e other bene t of the CPEX system of property specialization foot; the Fulton Street Mall in Downtown Brooklyn (a safe bet to also surpass $300 in next year’s report); and Court Street, also in Downtown Brooklyn. Th at is more than any other city in the United States, including Los Angeles, San Francisco, Chicago, Miami and Washington, LEASING | ACQUISITIONS | ADVISORY is that it allows us to work together to achieve our clients’ assets. With only one property type to focus on, Andre Sigourney goals. is fosters collaboration, not competition; instead of competing with one another for listings, we leverage one another’s we have a high level of expertise and experience when it comes to our asset class. e other bene t of the CPEX system of property specialization specialized expertise to get the most accurate evaluations and achieve the maximum sale price for our clients. e CPEX model also encourages teams to work in tandem to obtain maximum exposure. With our array of specialists, CPEX can help a property or business owner in nearly any capacity: sale, lease, acquisitions, seller nancing, installment sale, owneruser ACQUISITIONS | ADVISORY is that it allows us to work together to achieve our clients’ goals. is fosters collaboration, not competition; instead of competing with one another for listings, we leverage one another’s nancing, 1031 exchange – the list goes on. specialized expertise to get the most accurate evaluations is has been true for several assignments. As an example, on Court Street, where our Retail Leasing Team has been particularly and achieve the maximum sale price for our clients. e CPEX model also encourages teams to work in tandem to obtain maximum exposure. With our array of specialists, CPEX can help a property or business owner in nearly any capacity: sale, lease, acquisitions, seller nancing, installment sale, owneruser active with 13 signed leases in the past ve years, we were able to market 525 Court Street for sale and lease. In this instance, we were able to present the owner with all the options on the table, ultimately nding a tenant to lock in a steady income stream instead of the one-time boon of a sale. We took the same multi-pronged approach for 2038-2050 Flatbush nancing, 1031 exchange – the list goes on. is has been true for several assignments. As an example, on Court Street, where our Retail Leasing Team has been particularly Avenue. Our Retail Leasing Team found a regional apparel retailer to take 9,500 of the 15,000 square feet of available ground oor space. is newfound cash ow added signi cant value to the property, and ultimately allowed me and our Retail Sales Team to achieve the nal sale price of $4.5 million. In both instances on Court Street and Flatbush Avenue, we were able to market the property for sale and lease in order to give our client a plethora of options to decide the best and highest outcome. With the totality and variety of our expertise, we can provide unique value to new mixed-use developments. CPEX helps expand a seller’s options when it comes to their existing or in-the-pipeline retail (and other!) properties. e market is currently at a pivotal point as the price of land and the easing of lending restrictions for homeowners has made condominium developments a more attractive possibility. CPEX can provide tremendous value by assisting with a development’s retail component, which is o en overlooked. As retail specialists in both sales and leasing, we at CPEX will make sure that the owner will receive maximum exposure and value. ose are just a few of the aspects of our company that sets CPEX apart from the typical commercial real estate rm and provides the unique model for our Retail Teams to give owners an edge when it comes to the sale or lease of their retail property. INVESTMENT SALES | LEASING | ACQUISITIONS | ADVISORY 81 WILLOUGHBY STREET | 8TH FLOOR | BROOKLYN | NEW YORK | 11201 | 718.935.1800 | WWW. CPEXRE.COM www.brooklynspectator.com • march 2013 • brooklyn spectator 17 Downtown Brooklyn and Williamsburg are two very diff erent marketplaces, catering to diff erent clientele seeking the same thing: a less expensive alternative to Manhattan, without sacrifi cing convenience. This was the conventional thought process and holds true for many residents today. However, more and more residents, retailers, restaurants and other businesses are choosing Brooklyn over Manhattan because of preference, not pricing. Brooklyn has its own place on the map and the recovery and resurgence of Downtown and Williamsburg are, and will continue to be, the driving factors behind the Brooklyn boom. Currently, Williamsburg is the hottest market in New York City! Historically a neighborhood of warehouses and loft buildings, most development sites have large footprints, and the zoning off of the waterfront only permits low density. This off ers developers the ability to keep construction costs down and deliver effi cient buildings with loss factors below 15 percent. While the market lagged, long-term players like L&M, AREA, LCOR, Heatherwood Communities and Silverstone Properties remained confi dent in the neighborhood and struck deals for sites between $100 and $125 per buildable square foot. In the past six to twelve months, land prices have nearly doubled, reaching $200 to $250 per buildable square foot. Williamsburg accounts for seven of the eight largest land sales transactions in Brooklyn in 2012. Two Trees purchased the Domino Sugar Factory site for $185 million, while Chinese developer Xinyuan Development purchased 418 Kent Avenue for $54.2 million. A partnership between Michael Cayre, Alex Adjmi and Bobby Cayre closed on 242 Bedford Avenue, the future site of Whole Foods, and Richard Kalikow’s Manchester Real Estate took back 44 South 8th Street. This surge can be attributed to the lack of inventory, record pricing for condos and rentals, and simply the demand to live in Brooklyn’s version of SoHo. The rental market is over $60 per square foot and condos have surpassed $1,000 per square foot. Most surprisingly, smaller buildings are achieving rents and sale prices similar to full service buildings such as 111 Kent and the Edge. Aside from just being cool, Williamsburg off ers a less expensive alternative to Manhattan, with the added ease of being in Union Square in 15 minutes via the L train. I expect continued growth in the retail market as tenants like American Apparel continue to take space on side streets as a less expensive alternative to Berry Street and Bedford Avenue. With signifi cant growth and even more demand for offi ce space from the tech, fashion and design, architecture and design, and professional service sectors, expect to see a ground up offi ce building be constructed in the near future. Last but not least, look for over 500 hotel rooms to come on line in the next three years. While transactional volume and dollar volume in the Downtown Brooklyn market lagged behind Williamsburg, Brooklyn’s Central Business District has seen six major deals in the last six months alone. In November, The Carlyle Group purchased a 315,000 square foot mixeduse development site located on Smith Street, while The Lam Group acquired 231 Duffi eld Street, a 128-room hotel, for $31 million or $240,000 per key. Originally slated as a boutique, the building is now fl agged as an Indigo by InterContinental Hotels Group. Lodgeworks purchased 125 Flatbush Avenue Extension for $165 per buildable square foot; down the street, The Chetrit Group is building a mixed-use condo and hotel. LaLazerian, builders and owners of Brooklyn Gold, purchased the Oro 2 site on the corner of Gold and Johnson Streets for $19 million. At the end of 2012, my Development & Conversion Sales team at CPEX Real Estate completed a ground lease transaction for a proposed 116,000 square foot hotel located in heart of the BAM Cultural District. Full service rental buildings such as Forrest City’s DKLB, EQR’s Brooklyner, Northend Equities’ The Addison, and Avalon Fort Greene are fully leased with rent costs in the mid-fi fties. The Oro, a delayed condo project, recently closed on it last unit with prices reaching $900 per square foot. In the next two years, Avalon Bay, Stahl Real Estate, The Dermot Company and the Oro 2 will add 1,600 units. Following shortly behind, Steiner Studios’ “The Hub” will add another 720 units. Acadia Realty’s City Point project is a game changer, with the addition of tenants such as Armani Exchange, Century 21 and Alamo Drafthouse Cinema. While retail around the Barclays Center is still struggling, we are still in the infancy stage. Expect vacancies along Flatbush Avenue to fi ll in over the next twelve months. With more than 8,000 condo and rental units already in the pipeline for the next ten years, national retailers will continue to expand along the Fulton Mall and will eventually make their way to Willoughby and Livingston Streets, less expensive alternatives to the Mall. Ten years ago, my colleague, CPEX Managing Partner Brian Leary, called Livingston Street “the Sleeping Giant.” In 2010, we could not fi nd a buyer for the Hub site, which was previously in contract for $75 million. In 2011, the site sold for $30 million and is perhaps one of the best acquisitions during the downturn; in terms of buildable FAR, the property traded for approximately $50 per square foot. The awakening will take time, but over the next fi ve to ten years, the “giant” will arise. In short, Downtown Brooklyn is rapidly becoming a 24/7 housing and retail destination City Planning envisioned with the rezoning. Now that the market has stabilized and development projects have been revived, I expect steady long-term growth in Downtown Brooklyn as it continues to develop as a central business district. Williamsburg will see slower growth in the long term, due strictly to the neighborhood’s limited large scale development opportunities, but the “Burg” will never lose its edgy luster or hipness. BY SEAN R. KELLY, ESQ. NEW YORK | 11201 | 718.935.1800 | WWW. CPEXRE.COM www.brooklynspectator.com • march 2013 • brooklyn spectator 17 lagged behind Williamsburg, Brooklyn’s Central Business District has seen six major deals in the last six months alone. In November, The Carlyle Group purchased a 315,000 square foot mixeduse development site located on Smith Street, while The Lam Group acquired 231 Duffi eld Street, a 128-room hotel, for $31 million or $240,000 per key. Originally slated as a boutique, the building is now fl agged as an Indigo by InterContinental Hotels Group. Lodgeworks purchased 125 Flatbush Avenue Extension for $165 per buildable square foot; down the street, The Chetrit Group is building a mixed-use condo and hotel. LaLazerian, builders and owners of Brooklyn Gold, purchased the Oro 2 site on the corner of Gold and Johnson Streets for $19 million. At the end of 2012, my Development & Conversion Sales team at CPEX Real Estate completed a ground lease transaction for a proposed 116,000 square foot hotel located in heart of the BAM Cultural District. Full service rental buildings such as Forrest City’s DKLB, EQR’s Brooklyner, Northend Equities’ The Addison, and Avalon Fort Greene are fully leased with rent costs in the mid-fi fties. The Oro, a delayed condo project, recently closed on it last unit with prices reaching $900 per square foot. In the next two years, Avalon Bay, Stahl Real Estate, The Dermot Company and the Oro 2 will add 1,600 units. Following shortly behind, Steiner Studios’ “The Hub” will add another 720 units. Acadia Realty’s City Point project is a game changer, with the addition of tenants such as Armani Exchange, Century 21 and Alamo Drafthouse Cinema. While retail around the Barclays Center is still struggling, we are still in the infancy stage. Expect vacancies along Flatbush Avenue to fi ll in over the next twelve months. With more than 8,000 condo and rental units already in the pipeline for the next ten years, national retailers will continue to expand along the Fulton Mall and will eventually make their way to Willoughby and Livingston Streets, less expensive alternatives to the Mall. Ten years ago, my colleague, CPEX Managing Partner Brian Leary, called Livingston Street “the Sleeping Giant.” In 2010, we could not fi nd a buyer for the Hub site, which was previously in contract for $75 million. In 2011, the site sold for $30 million and is perhaps one of the best acquisitions during the downturn; in terms of buildable FAR, the property traded for approximately $50 per square foot. The awakening will take time, but over the next fi ve to ten years, the “giant” will arise. In short, Downtown Brooklyn is rapidly becoming a 24/7 housing and retail destination City Planning envisioned with the rezoning. Now that the market has stabilized and development projects have been revived, I expect steady long-term growth in Downtown Brooklyn as it continues to develop as a central business district. Williamsburg will see slower growth in the long term, due strictly to the neighborhood’s limited large scale development opportunities, but the “Burg” will never lose its edgy luster or hipness. RETAIL INVESTMENT SALES | LEASING | ACQUISITIONS | ADVISORY ® active with 13 signed leases in the past ve years, we were able to market 525 Court Street for sale and lease. In this instance, we were able to present the owner with all the options on the table, ultimately nding a tenant to lock in a steady income stream instead of the one-time boon of a sale. We took the same multi-pronged approach for 2038-2050 Flatbush 81 WILLOUGHBY STREET | 8TH FLOOR | BROOKLYN | NEW YORK | 11201 | 718.935.1800 | WWW. CPEXRE.COM Avenue. Our Retail Leasing Team found a regional apparel retailer to take 9,500 of the 15,000 square feet of available ground oor space. is newfound cash ow added signi cant value to the property, and ultimately allowed me and our Retail Sales Team to achieve the nal sale price of $4.5 million. In both instances on Court Street and Flatbush Avenue, we were able to market the property for sale and lease in order to give our client a plethora of options to decide the best and highest outcome. With the totality and variety of our expertise, we can provide unique value to new mixed-use developments. CPEX helps expand a seller’s options when it comes to their existing or in-the-pipeline retail (and other!) properties. e market is currently at a pivotal point as the price of land and the easing of lending restrictions for homeowners has made condominium developments a more attractive possibility. CPEX can provide tremendous value by assisting with a development’s retail component, which is o en overlooked. As retail specialists in both sales and leasing, we at CPEX will make sure that the owner will receive maximum exposure and value. ose are just a few of the aspects of our company that sets CPEX apart from the typical commercial real estate rm and provides the unique model for our Retail Teams to give owners an edge when it comes to the sale or lease of their retail property. INVESTMENT SALES | LEASING | ACQUISITIONS | ADVISORY 81 WILLOUGHBY STREET | 8TH FLOOR | BROOKLYN | NEW YORK | 11201 | 718.935.1800 | WWW. CPEXRE.COM www.brooklynspectator.com • march 2013 • brooklyn spectator 17 Downtown Brooklyn and Williamsburg are two very diff erent marketplaces, catering to diff erent clientele seeking the same thing: a less expensive alternative to Manhattan, without sacrifi cing convenience. This was the conventional thought process and holds true for many residents today. However, more and more residents, retailers, restaurants and other businesses are choosing Brooklyn over Manhattan because of preference, not pricing. Brooklyn has its own place on the map and the recovery and resurgence of Downtown and Williamsburg are, and will continue to be, the driving factors behind the Brooklyn boom. Currently, Williamsburg is the hottest market in New York City! Historically a neighborhood of warehouses and loft buildings, most development sites have large footprints, and the zoning off of the waterfront only permits low density. This off ers developers the ability to keep construction costs down and deliver effi cient buildings with loss factors below 15 percent. While the market lagged, long-term players like L&M, AREA, LCOR, Heatherwood Communities and Silverstone Properties remained confi dent in the neighborhood and struck deals for sites between $100 and $125 per buildable square foot. In the past six to twelve months, land prices have nearly doubled, reaching $200 to $250 per buildable square foot. Williamsburg accounts for seven of the eight largest land sales transactions in Brooklyn in 2012. Two Trees purchased the Domino Sugar Factory site for $185 million, while Chinese developer Xinyuan Development purchased 418 Kent Avenue for $54.2 million. A partnership between Michael Cayre, Alex Adjmi and Bobby Cayre closed on 242 Bedford Avenue, the future site of Whole Foods, and Richard Kalikow’s Manchester Real Estate took back 44 South 8th Street. This surge can be attributed to the lack of inventory, record pricing for condos and rentals, and simply the demand to live in Brooklyn’s version of SoHo. The rental market is over $60 per square foot and condos have surpassed $1,000 per square foot. Most surprisingly, smaller buildings are achieving rents and sale prices similar to full service buildings such as 111 Kent and the Edge. Aside from just being cool, Williamsburg off ers a less expensive alternative to Manhattan, with the added ease of being in Union Square in 15 minutes via the L train. I expect continued growth in the retail market as tenants like American Apparel continue to take space on side streets as a less expensive alternative to Berry Street and Bedford Avenue. With signifi cant growth and even more demand for offi ce space from the tech, fashion and design, architecture and design, and professional service sectors, expect to see a ground up offi ce building be constructed in the near future. Last but not least, look for over 500 hotel rooms to come on line in the next three years. While transactional volume and dollar volume in the Downtown Brooklyn market lagged behind Williamsburg, Brooklyn’s Central Business District has seen six major deals in the last six months alone. In November, The Carlyle Group purchased a 315,000 square foot mixeduse development site located on Smith Street, while The Lam Group acquired 231 Duffi eld Street, a 128-room hotel, for $31 million or $240,000 per key. Originally slated as a boutique, the building is now fl agged as an Indigo by InterContinental Hotels Group. Lodgeworks purchased 125 Flatbush Avenue Extension for $165 per buildable square foot; down the street, The Chetrit Group is building a mixed-use condo and hotel. LaLazerian, builders and owners of Brooklyn Gold, purchased the Oro 2 site on the corner of Gold and Johnson Streets for $19 million. At the end of 2012, my Development & Conversion Sales team at CPEX Real Estate completed a ground lease transaction for a proposed 116,000 square foot hotel located in heart of the BAM Cultural District. Full service rental buildings such as Forrest City’s DKLB, EQR’s Brooklyner, Northend Equities’ The Addison, and Avalon Fort Greene are fully leased with rent costs in the mid-fi fties. The Oro, a delayed condo project, recently closed on it last unit with prices reaching $900 per square foot. In the next two years, Avalon Bay, Stahl Real Estate, The Dermot Company and the Oro 2 will add 1,600 units. Following shortly behind, Steiner Studios’ “The Hub” will add another 720 units. Acadia Realty’s City Point project is a game changer, with the addition of tenants such as Armani Exchange, Century 21 and Alamo Drafthouse Cinema. While retail around the Barclays Center is still struggling, we are still in the infancy stage. Expect vacancies along Flatbush Avenue to fi ll in over the next twelve months. With more than 8,000 condo and rental units already in the pipeline for the next ten years, national retailers will continue to expand along the Fulton Mall and will eventually make their way to Willoughby and Livingston Streets, less expensive alternatives to the Mall. Ten years ago, my colleague, CPEX Managing Partner Brian Leary, called Livingston Street “the Sleeping Giant.” In 2010, we could not fi nd a buyer for the Hub site, which was previously in contract for $75 million. In 2011, the site sold for $30 million and is perhaps one of the best acquisitions during the downturn; in terms of buildable FAR, the property traded for approximately $50 per square foot. The awakening will take time, but over the next fi ve to ten years, the “giant” will arise. In short, Downtown Brooklyn is rapidly becoming a 24/7 housing and retail destination City Planning envisioned with the rezoning. Now that the market has stabilized and development projects have been revived, I expect steady long-term growth in Downtown Brooklyn as it continues to develop as a central business district. Williamsburg will see slower growth in the long term, due strictly to the neighborhood’s limited large scale development opportunities, but the “Burg” will never lose its edgy luster or hipness. BY SEAN R. KELLY, ESQ. YORK | 11201 | 718.935.1800 | WWW. CPEXRE.COM www.brooklynspectator.com • march 2013 • brooklyn spectator 17 lagged behind Williamsburg, Brooklyn’s Central Business District has seen major deals in the last six months alone. In November, The Carlyle Group purchased a 315,000 square foot mixeduse development site located on Smith Street, while The Lam Group acquired Duffi eld Street, a 128-room hotel, for million or $240,000 per key. Originally slated as a boutique, the building now fl agged as an Indigo by InterContinental Hotels Group. Lodgeworks purchased 125 Flatbush Avenue Extension 165 per buildable square foot; down street, The Chetrit Group is building a mixed-use condo and hotel. LaLazerian, builders and owners of Brooklyn Gold, purchased the Oro 2 site on the corner Gold and Johnson Streets for $19 million. At the end of 2012, my Development & Conversion Sales team at CPEX Estate completed a ground lease transaction for a proposed 116,000 square foot hotel located in heart of the BAM Cultural District. Full service rental buildings such as Forrest City’s DKLB, EQR’s Brooklyner, Northend Equities’ The Addison, and Avalon Fort Greene are fully leased with rent costs in the mid-fi fties. The Oro, a delayed condo project, recently closed on it last unit with prices reaching $900 per square foot. In the next two years, Avalon Bay, Stahl Real Estate, The Dermot Company and the Oro 2 will add 1,600 units. Following shortly behind, Steiner Studios’ “The Hub” will add another 720 units. Acadia Realty’s City Point project is a game changer, with the addition of tenants such as Armani Exchange, Century 21 and Alamo Drafthouse Cinema. While retail around the Barclays Center is still struggling, we are still the infancy stage. Expect vacancies along Flatbush Avenue to fi ll in over the next twelve months. With more than 8,000 condo and rental units already in the pipeline for the next ten years, national retailers will continue to expand along the Fulton Mall and will eventually make their way to Willoughby and Livingston Streets, less expensive alternatives to the Mall. Ten years ago, my colleague, CPEX Managing Partner Brian Leary, called Livingston Street “the Sleeping Giant.” In 2010, we could not fi nd a buyer for the Hub site, which was previously in contract for $75 million. In 2011, the site sold for 30 million and is perhaps one of the best acquisitions during the downturn; in terms of buildable FAR, the property traded for approximately $50 per square foot. The awakening will take time, but over the next fi ve to ten years, the “giant” will arise. In short, Downtown Brooklyn is rapidly becoming a 24/7 housing and retail destination City Planning envisioned with the rezoning. Now that the market has stabilized and development projects have been revived, I expect steady long-term growth in Downtown Brooklyn as it continues to develop as a central business district. Williamsburg will see slower growth in the long term, due strictly to the neighborhood’s limited large scale development opportunities, but the “Burg” will never lose its edgy luster or hipness. RETAIL INVESTMENT SALES | LEASING | ACQUISITIONS | ADVISORY ® 81 WILLOUGHBY STREET | 8TH FLOOR | BROOKLYN | NEW YORK | 11201 | 718.935.1800 | WWW. CPEXRE.COM D.C. (Based on the average rent on a price per square foot basis, the comparison intentionally excludes New York, New York as an outlier in the national retail market in order to create more realistic comparables. Still, even with Manhattan occupying three of the top four priciest retail slots, according to data from Th e Fiscal Times and National Real Estate Investor, Brooklyn’s Bedford Avenue and Fulton Street would both still crack the top ten.) Th e borough’s emergence on the national retail scene comes aft er our 2014 Brooklyn Retail Report noted nine Brooklyn corridors that doubled in average retail rents in just fi ve years (2009-2014). Th is was followed by an 80 percent increase in the borough’s retail density from 2013 to 2015. In just two years, the borough’s notable retail corridors jumped from 67 in 2013 to 121 in our 2015 Brooklyn Retail Report. With two of the nation’s top 10 retail corridors located in Downtown Brooklyn, much of the borough’s retail density has become concentrated in the area surrounding downtown, one of most popular retail destinations in not just the borough, but the entire city. In the 2.69 square mile area around Downtown Brooklyn, which includes neighborhoods such as Brooklyn Heights, Park Slope and Carroll Gardens, we mapped more than 30 notable retail corridors. Th at total comprises 28 percent of the borough’s retail corridors concentrated in less than four perceny of Brooklyn’s 71 square miles. Th e CPEX 2015 Brooklyn Retail Report cites many of the driving factors that have led to Brooklyn establishing its presence on the national retail stage. Th is includes a wave of new residential developments in Brooklyn totaling more than 19,000 new unit permits; the lowest offi ce vacancy rate (4.2 percent) in the country, which drops even lower in Downtown Brooklyn; one of the country’s largest student populations attending 33 area universities, colleges and seminaries; a robust hospitality industry with 71 expected hotels by 2017; and an array of popular tourist attractions, from Barclays Center and the Brooklyn Academy of Music to the borough’s plethora of parks. As a result of these driving factors, Brooklyn continues to welcome many national, brand name retailers looking to establish a presence in the borough. In the past year, this includes fl agship Brooklyn storefronts for Wegmans, Nike and Saks Off Fift h, a lease for Saks’ fi rst outer borough location that was negotiated by my Brooklyn Leasing Team. So yes, the consensus that it was an error in judgment for Brooklyn to merge with New York City is certainly true. But even if the residents can’t reverse that ill-fated “Great Mistake of 1898,” the borough’s retail is doing its best to once again establish Brooklyn as its own standalone city. Ryan Condren


BSM05122016
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