The Lower East Side: Now Cheaper Than Bushwick?

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Just weeks after wonderfully scummy Lower East Side stalwart Welcome to the Johnson’s opened up a sleek outpost for high-end cocktails in Bushwick, some more odd crossover news from the two unaffordable neighborhoods: the retail shop for clothing line Mandate of Heaven, having recently been priced out of Bushwick, has reportedly found a new space on Essex St. for less than $2,000 a month.

“It is illustrative of what has been going on in Brooklyn,” the line’s designer told DNAinfo. “The property value has been changing so quickly and we have been pushed out every few years.” Prior to setting up shop in Bushwick, the store had also been priced out of a former location in Wiliamsburg.

Realtors confirmed to the site that while there are deals to be found in both neighborhoods (just like anywhere else), there actually is a surprising amount of cheap retail space on the Lower East Side once you get south of Delancey, some of it going for as little as $50 per square foot.

This is all probably all worth taking on a case-by-case basis—even with its hugely inflated prices, Bushwick is still on average much cheaper than the LES—but also solid evidence that this whole hyper-charged real estate cycle is starting to eat its own tail.

Follow Virginia K. Smith on Twitter @vksmith.

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  1. The Mandate of Heaven clothing line mentioned in the article used to be housed in my building. My neighbors moved out a few weeks ago. And FYI they got priced out of Bed-Stuy not Bushwick. Malcolm X Blvd and Kosciuszco St = Bed-Stuy.

    • Hey Belinda! We weren’t actually priced out of Bed-Stuy it just wasn’t working for our business. We WERE however recently priced out of Bushwick prior to living in Bed Stuy (fyi that building is on the Bed-Stuy/Bushwick border (broadway ave is border)). We had a store in Bushwick before we lived in the Bed Stuy building. Really what this is all about is how ridiculous it was that places in Bushwick were even NEAR price-equivalent to anything actually liveable and comfortable and accessible to customers like the LLES is for us.

  2. “hyper-charged real estate cycle is starting to eat its own tail…” The real estate cycle is flourishing and eating the public’s tail.