Williamsburg retail thrives despite L-train shutdown plan

December 20, 2018 By Raanan Geberer Brooklyn Daily Eagle
The Williamsburg Bridge looks especially iconic when you see it from a ferry in the middle of the East River. Eagle file photo by Lore Croghan
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The looming 15-month shutdown of the L train’s East River tunnel may have decreased demand for apartments in Williamsburg, but the neighborhood’s retail sector is still relatively healthy.

A recent report from the Real Estate Board of New York found that the average asking rent for ground-floor retail space along Bedford Avenue from North Eighth to Grand streets declined 11 percent between the summer of 2017 and the summer of 2018. However, it was still $351 per square feet annually, the highest among 16 retail corridors in Brooklyn that REBNY surveyed, according to Crain’s.

Farther up Bedford Avenue, from North Eighth to North 12th streets, average retail rent increased 3 percent to $151 per square foot; and on nearby stretches of North Fourth and North Sixth streets, rents increased by 34 percent to $197 per square foot, Crain’s reported.

Crain’s hypothesized that the long-term nature of retail leases had something to do with this stability.  Then again, the subway shutdown may actually be good for some stores, since it presumably will force residents to shop locally.

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  1. kevinizon

    The media’s gone WAYYYY off the rails about all this shutdown stuff. The projection is that the whole area will fall into lower-rent, desperation-driven desert land. And that is just way way off the rails. how do people get to park slope? The subway. Various subways. Various ways. This is going to continue, L train or no L train. People will surge the M train, or the buses, the ferries, the E to the G train… whatever… and get there.
    Because they want the grime of the Williamsburg.
    The shabby chic.
    The shabby shabby.
    Lets take stock in the summer, and you’ll see I’m right; the area’s gonna be pretty much chocked up with people either way.

  2. This article actually gives proof that the L train will have an effect. With locations moving further away from that spot and prices increasing while others are decreasing is showing that he will have an effect. On the residential side ultra Brooklyn is slowing down