The Continued Rise of Downtown Brooklyn

"Been down so long, looks like up to me." The rise of downtown Brooklyn has been playing out for quite a while, and it's nice that the Times has recognized that it's a real place, and not just one for reporting crime statistics (they used to always note that people attending BAM could take the special bus from Manhattan, so they wouldn't have to ride the subway and walk the few blocks to BAM or the Harvey). The thing that is surprising to me is the speed of the transformation. It simmered along for quite a while, then exploded in the last 10 years. I'd suggest the 2004 rezoning as a prime driver, coupled with the (at the time) lack of product in the Manhattan market.

Yeah definitely kind of just sprung up out of nowhere. It started with some new development, high rises along the lower Flatbush avenue corridor in Fort Greene around 2007. They were sort of met with mediocre response, and then sort of got crushed after 2009. If I remember correctly, I believe we did some deals in these buildings at around $650 to $700 a square foot circa 2009/2010.

In 1997 when I lived on Clermont avenue in Fort Green, I would sometimes walk other times take the bus to Borough Hall to catch the train. Was definitely a little dicey, even for a seasoned New Yorker like myself. The projects at the bottom of Myrtle are quite rough.

Downtown Brooklyn is definitely now a thing.

https://streeteasy.com/sale/342691

The real secret is lower taxes / carrying charges in Brooklyn relative to Manhattan and much cheaper price of new development/conversion vs Manhattan for similar product. There is also critical mass of restaurants and coffee shops now. Quality of life in BK in general has improved and Manhattan has gone down relative to what it was 10 years back.

The real secret is the superior pizza : )

Shill