‘Barclays Effect’ Spikes Fifth Avenue Retail Rents

Le Pain Quotidien's new home in the Park Slope Fifth Avenue BID area. (Photo by Lore Croghan, via Brooklyn Daily Eagle)

Le Pain Quotidien finds a new home in the Park Slope Fifth Avenue BID area. (Photo by Lore Croghan, via Brooklyn Daily Eagle)

Storefront rents along one stretch of Brooklyn’s Park Slope Fifth Avenue BID, between Flatbush Avenue and Warren Street, have doubled during the past two years. Gentrification and increased foot traffic brought by Nets games and concerts at the Barclays Center, located on Atlantic Avenue, are cited as the major reasons for the spike.

Lore Croghan in a report for Brooklyn Daily Eagle calls it the “Barclays Effect.”

“When the stadium first opened, there was a lot of speculation about who would feel the most impact – Atlantic, Flatbush or Fifth Avenue,” said Ryan Condren, managing director of the retail leasing team at CPEX Real Estate. “Fifth Avenue has benefited the most.”

Storefront rents go down the farther they are located from the Barclays Center in BID territory, which extends along Fifth Avenue between Dean and 18th streets.

This close, they’re nearly $100 per square foot; from Dean to Garfield streets, they’re $65 to $90 per square foot; and from 1st through 9th streets, they’re $65 to $75 per square foot, said Justin Dower, the commercial leasing director at Ideal Properties Group.

From 9th to 15th streets, they’re $45 to $60 per square foot; beyond 15th to the district’s end, they’re in the $30s and $40s per square foot, he said.

Park Slope’s Fifth Avenue lagged behind Seventh Avenue in the past, which had gentrified a decade ago. The businesses influx on Fifth Avenue came in the past five years.

At last count, there were 520 storefronts and an average commercial vacancy rate of 6%, the BID’s website indicates.

Condren says despite the surge in popularity of Fifth Ave., store rents remain steeper on Seventh Ave.

Click here to read the full story at the Brooklyn Daily Eagle.

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