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.

View the Downtown Brooklyn Business District Summary

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.

Select Real Estate

Building	Class Type	Lease Type
Metrotech Center (Buildings 1,2,4,15)	A	Direct
1 Pierrepoint Plaza	A	Direct
111 Livingston Street	B	Direct

Available Commercial Incentives

Energy Cost Savings Program (ECSP)
Industrial and Commercial Abatement Program (ICAP)
Relocation and Employment Assistance Program (REAP)
See www.nyc.gov/businessexpress for more information about incentive programs

Office Market Snapshot¹

Number of Existing 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 Construction¹	26,000 SF

Class A Office Space¹

Number of Existing Buildings	14
Total Square Feet (RBA)	8.2 million SF
Vacancy Rate	7.8%
Average Rental Rate	$31 / SF

Class B/C Office Space¹

Number of Existing Buildings	68
Total Square Feet (RBA)	9.1 million SF
Vacancy Rate	5.8%
Average Rental Rate	$27 / SF

1. Data gathered from Cushman & Wakefield Research Services, Downtown Brooklyn Partnership

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.

Downtown Brooklyn Radius

Demographics¹

	1/2 MILE RADIUS	1 MILE RADIUS
Total Population	32,155	109,409
Total Households	14,099	47,161
Total Employees (Daytime Population)	N/A	73,159
Average Household Income	$105,837	$109,951
Aggregate Household Income	$1.5 billion	$5.2 billion
Median Housing Value	N/A	$622,532

Current Retail Development²

	1/2 MILE RADIUS	1 MILE RADIUS
Total Retail SF (RBA)	3.5 million	7.4 million
Average Rent (per square foot/year)	$90	$40

1. Data gathered from Demographics Now and CoStar
2. Data gathered from CoStar

Large Scale Development Activity

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.

Cost: $460 million (Phases I and II)
Use: Commercial / retail / residential
Status: Construction

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.

Use: Hotel / retail
Status: Completed

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.

Use: Recreation / parking
Status: Planning

Brooklyn Academy of Music (BAM)

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; 300 to 360 units of mixed-income housing; and 50,000 square feet of cultural space.

Cost: $126 million
Use: Commercial / residential / cultural
Status: Construction

Brooklyn Bridge Park

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.

Cost: $350 million
Use: Recreation
Status: Construction / Piers 1,2 & 6 are open

Atlantic Yards

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.

Cost: $4.9 billion
Use: Commercial / residential / recreation / retail
Status: Construction

Toren

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.

Cost: $148 million
Use: Residential / retail
Status: Complete

DKLB

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: $91 million
Use: Residential / retail
Status: Complete

The Brooklyner

Clarett and Equity Residential completed 491 market-rate rental apartments and 7,000 square feet of retail space at this new building located at 111 Lawrence Street.

Cost: $140 million
Use: Residential / retail
Status: Complete

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.

Size: 33,000 square feet
Use: Retail / commercial
Status: Planning

345 Adams Street

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.

Size: 35,000 square feet
Use: Retail
Status: Under construction