The New Coney Island - Brooklyn's Times Square by the Sea

Saturday, March 12, 2016

Daily News - Brooklyn’s growing global ‘brand’ is boosting the borough's real estate values

Excerpt -

"Brooklyn was easy, because we think Brooklyn is the brand. Brooklyn is iconic. It transcends the marketplace. In many respects, it's a global name and reference."   - Brett Yormark, the Nets' chief executive, on why they chose the Brooklyn Nets name.

Brooklyn has become a brand of global prominence. Until quite recently a second-class borough to Manhattan and/or a stepping stone from which one would upgrade to the suburbs, Brooklyn is now a destination in its own right and internationally known.
Oakland is the Brooklyn of the Bay Area. Parisians come to New York City on vacation and head straight to Williamsburg.

The desirability of the borough, combined with the power of its image and brand, have had a huge impact on the real estate landscape. Sales prices of homes in the borough have steadily risen over the past few years, both in price per square foot and absolute terms.

Townhouses in northwest Brooklyn regularly fetch prices north of $3 million, and $4 million to $5 million is quickly becoming almost common for luxurious homes.

Demand has stretched far beyond the most "prime" neighborhoods as buyers have quickly discovered Bed-Stuy, Crown Heights, Prospect Lefferts Gardens, Windsor Terrace, Ditmas Park, and more.

On the new housing front, reported that 22,000 new apartments are on track to be introduced to the Brooklyn market by the end of 2019.

"Brooklyn was a nice way to retain that appreciation of New York without being associated with the evils of Wall Street,” said Ben Hudson, Brooklyn Brewery's director of marketing.

“In some ways, Brooklyn is the anti-Wall Street. It's local; it's dirty; it's do-it-yourself."
On the retail front, Bedford Ave. is now the fifth priciest retail strip in the whole country, according to

Current and upcoming retail tenants include Apple, Whole Foods, Trader Joe’s, Adidas, Amazon, New York Sports Club, Century 21, Urban Outfitters, Madewell, American Apparel, and Target.

Companies that have started in Brooklyn, such as Brooklyn Bowl, Brooklyn Industries, Brooklyn Flea and Brooklyn Brewery, have now become known across New York City and beyond.

Many from Manhattan now flock across the river to shop in Brooklyn stores, all searching for that new kind of luxury — Brooklyn luxury.

No comments: