Attention past, present, and future business owners in Brooklyn: your most expensive place to open up shop, per the Real Estate Board of New York’s annual retail report, is no longer where you may think it would be (Bedford avenue, which previously held the crown). Nope—now that most expensive spot, on a per-square-foot basis, is the Fulton Mall area in Downtown Brooklyn, largely aided by the brand new City Point development, featuring brand new popular businesses like Target and Alamo Drafthouse.
Fulton Street’s asking price for retail space now averages a robust $326 per square foot, compared to the still pricey $301 that it was a year ago. Bedford Avenue space, on the other hand, has dropped to $296, more affordable than last year’s $361.
Bedford Avenue prices may have been inflated, even for the heart of tourist-heavy Williamsburg, thereby accounting for its mild price decrease, but elsewhere in Brooklyn, prices rose: In Greenpoint, while business is far more affordable, rates still spiked sharply: $89 per square foot this year compared to last year’s $63. Meanwhile, seventh Avenue in Park Slope also saw a 35% increase—up to $129 from last year’s $96.
So, next time you finish up jury duty or whatever obligation you’ve got at the Brooklyn Courthouse, and make your way down Fulton for an Iced Cinnamon Almondmilk Machhiato™ at Starbucks, or a nice tasty dog from Fulton Hot Dog King, you can know it’s not just you who’s paying a lot to be there.