I I I I I
2011
DOWNTOWN BROOKLYN
Overview
Downtown Brooklyn embodies the best of New York City. Several of the City’s top public and
private institutions for higher learning are located in the area, such as Long Island University,
Pratt Institute, Polytechnic Institute of NYU, and NYC College of Technology. The area is
known for its historic brownstones and attractive new apartment buildings, providing diverse
residential options. The Brooklyn Academy of Music (BAM), America’s oldest performing arts
center founded in 1861, is located in Downtown Brooklyn and produces over 220
performances every year, drawing in over half a million visitors annually. BAM’s success has
spawned a new cultural district in the area, including multiple theaters for film and live
performances, dance studios, workshop and education spaces. The construction of the
Atlantic Yards project will bring a professional basketball team, the Nets, to Brooklyn, the first
professional team to call the borough home since 1957.
Office Market
Downtown Brooklyn is the City’s third-largest central business district with millions of
square feet of office space. The largest office development, Metro Tech Center, is a
$1 billion, 16-acre commercial, academic, and high-technology complex containing
12 buildings with more than 5 million square feet of office and retail space. With its
proximity to Lower Manhattan and tremendous value for Class A office space,
Downtown Brooklyn continues to provide wonderful opportunities for firms looking to
move or expand their business here.
Metrotech Courtyard
Office Market Snapshot1
Number of Buildings:
82
Total Square Feet (RBA):
17.3 million SF
Available Direct Lease Space:
1.2 million SF
Available Sublet Space:
113,000 SF
Under Construction:
26,000 SF
Class A Office Space
Number of Buildings:
14
Total Square Feet (RBA):
8.2 million SF
Vacancy Rate:
7.8%
Average Rental Rate:
$31 / SF
Class B/C Office Space
Select Real Estate Opportunities
Number of Buildings:
68
Total Square Feet (RBA):
9.1 million SF
Direct
Vacancy Rate:
5.8%
A
Direct
Average Rental Rate:
$27 / SF
B
Direct
BUILDING
CLASS
TYPE
MetroTech Center Buildings 1, 2, 4, 15
A
1 Pierrepoint Plaza
111 Livingston Street
Available Commercial Incentives*
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Commercial Expansion Program (CEP)
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Energy Cost Savings Program (ECSP)
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Industrial and Commercial Abatement Program (ICAP)
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Relocation and Employment Assistance Program (REAP)
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See www.nyc.gov/businessexpress for more information about incentive programs
* Subject to individual program requirements
US Courthouse
Retail Market
Excellent transportation access and established retail corridors make Downtown
Brooklyn a perfect place for retail growth. Three Business Improvement Districts
(BIDs) provide sanitation, security, and marketing for retailers throughout the
downtown area. There are 13 subway lines, 16 bus lines, and the Long Island
Rail Road (LIRR) which help to make Downtown Brooklyn one of the most
accessible parts of the city.
The City is undertaking several projects to improve the overall pedestrian
experience within Downtown Brooklyn. Design is underway for streetscape
improvements on the area’s key corridors along Flatbush Avenue and Fulton
Street, with construction recently completed along Boerum Place.
Improvements include pedestrian walkways, new benches, improved street
lighting, new bus shelters and new plant medians. A 30,000 square foot Ken
Smith-designed Grand Plaza (bounded by Flatbush, Lafayette, and Ashland
Avenues) is planned for completion in 2011. This Plaza will provide a major
outdoor gathering space and serve as a majestic entrance to the BAM
Cultural District.
Brooklyn Law School Dorms
MANHATTAN
Y
FLUSHING AV
JAY ST
ADAMS ST
HW
BQE
CNT
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$622,532
BQE
BQE
MYRTLE AV
DOWNTOWN
BROOKLYN
LAFAYETT
3A
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0.25
0.5 Kilometers
0.25
0.5 Miles
Who’s Here
COMING SOON!
Marriott
Urban Outfitters
Target
Kay Jewelers
Panera
Trader Joe’s
Junior’s
Shake Shack
Macy’s
Starbucks
H&M
Barney’s Co-op
Au Bon Pain
DSW
IHOP
Filene’s Basement /
Sims
Guitar Center
Applebee’s
Barnes & Noble
Best Buy
Jake’s Way
Back Burgers
Modell’s
Planet Fitness
Aeropostal
Farmer’s Market in Cadman Plaza
W
4A
V
COU
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BQE
AV
T ST
N
LTO
MI
0
PLAZA ST
$40 / SF
ST
TON AV
$90 / SF
WASHING
Average Rent
(per square foot / year)
ON
V
HA
7.4 million
E AV
S
BU
3.5 million
FU
LT
T
FLA
Total Retail SF (RBA)
HA
1 MILE RADIUS
BILT AV
Current Retail Environment
.5 MILE RADIUS
AV
N/A
D
Median Housing Value
AV
$5.2 billion
HE
$1.5 billion
R
FO
Aggregate Household Income
YT
$109,951
D
BE
$105,837
W
Average Household Income
HALF-MILE RADIUS
VANDER
73,159
EX
AV
N/A
R
H
BUS
Total Employees
(Daytime Population)
AP
P
T
FLA
47,161
BR
PPR
14,099
BK
RA
Households
ONE-MILE RADIUS
HB
109,409
DR
N
MA
32,155
R
BR
Total Population
FD
N
LY
1 MILE RADIUS
ST
OK
.5 MILE RADIUS
R
O
BR
E
AT
W
Demographics2
ST JO
EASTER
N PKWY
HN'S
PL
Large-Scale Development Activity
The Downtown Brooklyn Development Plan, approved by the Mayor and the City Council in 2005, has spurred nearly $10 billion worth of private
development in the area.
City Point
City Point is a sustainable mixed-use
development which will support the growth
of Downtown Brooklyn and enhance the
community with expanded retail and
housing options. When the third phase is
completed, City Point will include 1.6 million
square feet of new development, creating
space for local and national retail as well as
affordable and market rate housing.
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Size:
$460 million (Phases I and II)
Use:
Comm / Retail / Residential
Status: Construction
Brooklyn Municipal Building
NYCEDC is seeking to redevelop the western
portion of the ground and second floors of
the Brooklyn Municipal Building at 210
Joralemon Street to complement and diversify
Brooklyn’s retail base and enhance the
pedestrian environment.
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The Brooklyner
Clarett and Equity Residential completed 491
market-rate rental apartments and 7,000 SF
of retail space at this new building located at
111 Lawrence Streeet.
Sheraton and aLoft Hotels
This Lam Group development consists of two
hotels covering 160,000 square feet to help
accommodate the growing tourist traffic in
Downtown Brooklyn. The Sheraton Brooklyn
opened in 2010 and offers 321 guest
rooms alongside a restaurant, bar, and
corporate meeting facilities. The 180-room
aLoft, open in 2011, includes a bar,
restaurant, and lounge.
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Forest City Ratner Companies is developing an
approximately 8 million square foot mixed-use
project in the heart of Downtown Brooklyn.
The project will include an 18,000 seat arena
and 16 mixed-use high-rise buildings with over
6,400 housing units.
Brooklyn Bridge Park
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Developed by BFC Partners and designed
by Skidmore, Owings and Merrill, the
LEED-certified condominium tower located
at 150 Myrtle Avenue is 38 stories and offers
241 market-rate and affordable condos and
an indoor pool.
DKLB
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Muss Development is converting 2 floors of
an existing municipal building for retail and
dining space at 345 Adams Street. The
project is will bring new businesses and
amenities to the Fulton Mall area.
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Brooklyn Academy of Music (BAM) Cultural Center
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Cost: $126 million
Use:
Comm / Residential / Cultural
Status: Construction
Cost:
$148 million
Use:
Residential / Retail
Status: Complete
345 Adams Street
Cost: $91 million
Use:
Residential / Retail
Status: Complete
The project will include development of new,
state-of-the-art performance, rehearsal, and
office space for New York City cultural groups,
including: a 35,000-square-foot, 269-seat
flexible performance space; a 299-seat theatre
for The Theatre for a New Audience; up to
360 units of mixed-income housing; and
50,000 square feet of cultural space.
Cost: $4.9 billion
Use:
Comm / Retail /Res / Recreational
Status: Construction
Toren
Cost:
$350 million
Use:
Recreation
Status: Construction;
Piers 1, 2 & 6 are open
The DKLB is a residential project developed by
Forest City Ratner Companies that offers
292 market-rate and 73 affordable rental
units, as well as 5,000 square feet of retail
space located at 80 DeKalb Avenue.
Cost:
$140 million
Use:
Residential / Retail
Status: Complete
Atlantic Yards
Use:
Hotel / Retail
Status: Complete
Once completed, the 85-acre Park will stretch
1.3 miles along the East River from north of
the Manhattan Bridge to Atlantic Avenue. The
project will provide public space filled with
lawns, recreation areas, beaches, and coves.
Size:
33,000 SF
Use:
Retail / Commercial
Status: Planning
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Size:
35,000 square feet
Use:
Retail
Status: Under construction
Willoughby Square
Willoughby Square in Downtown Brooklyn
will be a 50,000 square foot street-level
public space that sits atop an underground
parking garage.
I
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Use:
Recreation / Parking
Status: Planning
Downtown Brooklyn Map
BR
Queens
BR
Vinegar Hill
A PP
Brooklyn
R
BQ
Staten Island
EC
G
NT
HW
York St F
Y
High St A-C
LA
TIL
TILLARY ST
N PL Z
W
Court St R
Brooklyn Municipal Building
JAY ST
A
CADM
Brooklyn Heights
ADAMS ST
NASSAU ST
Clark St 2-3
The Brooklyner
Navy Yard
ST
RY
BQE
BQE
MYRTLE AV
Toren
Borough Hall 2-3
Clinton Hill
NTG H
Willoughby Square
City Point
DeKalb Av B-Q-R
Hoyt St 2-3
ILT AV
WY
B
VANDER
BQE C
Sheraton & aLoft Hotels
DKLB
Hoyt-Schermerhorn Sts A-C-G
BAM Cultural District
Nevins St 2-3-4-5
Fort Greene
Clinton - Washington Aves G
ATL
AN
T
Lafaye e Av C
IC A
V
HW
Y
Bergen St F-G
Atlan!c Av B-Q
NTG
Pacific St D-N-R
FU
LTO
N
GTON AV
WASHIN
TE AV Fulton St G
LAFAYET
Boerum Hill
COU
RT S
T
FLUSHING AV
Downtown
Lawrence St R
Cobble Hill
V
EA
Manha an
NH
MA
N
LY
Fulton Ferry BK B
R
AP
PR
H
YT
OK
W
O
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The Bronx
ST
Clinton - Washington Aves C
Carroll Gardens
Bergen St 2-3
T
FLA
Carroll St F-G
4A
V
3A
V
BQE
C
Atlantic Yards
BU
BQE
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0.25
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0.5 Kilometers
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0.5 Miles
Union St R
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Prospect Heights
7 Av B-Q
References
1. Cushman & Wakefield Research Services, Downtown Brooklyn Partnership
2. Demographics Now; CoStar
For additional information please visit www.nycedc.com/CBD or email RESolutions@nycedc.com.
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