Williamsburg

Landlords are lowering rents for commercial space in North Brooklyn

October 4, 2018 By Raanan Geberer Brooklyn Daily Eagle
AP file photo/John Minchillo

As we approach the looming 15-month L-train shutdown, the long-awaited signs of real estate discounts in North Brooklyn neighborhoods surrounding the L are emerging. While rents for residential real estate have been getting lower since 2016, commercial landlords are now starting to offer discounted space as well, according to The Real Deal.

A broker for TerraCRG, a Brooklyn-based commercial real estate firm, said that a landlord he represents offered a tenant a 15 percent discount on rent.

“It was unprompted, so you can tell that the tunnel shutdown is something that owners are certainly aware of – and hearing about from tenants,” said the broker, Peter Schubert.

A market report earlier this year showed that residential real estate sales were down in Williamsburg, The Real Deal reported. One new home sat on the market for 188 days, starting in the second quarter of 2016, after news of the 2019 subway shutdown was announced.

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