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Downtown Brooklyn ABOUT DBP ABOUT MARKET REPORT MARKET ABOUT DBP DOWNTOWN BROOKLYN Downtown Brooklyn Partnership is a not-for- profit local development corporation that serves as the primary champion for Downtown Brooklyn as a world-class business, cultural, educational, residential, and retail destination. Working together with the three business improvement districts (BID) that it manages – downtownbrooklyn.com the MetroTech BID, Fulton Mall Improvement Association, and Court-Livingston- Schermerhorn BID – the Partnership’s diverse activities include attracting new businesses /downtownbrooklyn and improving the environment for existing companies; facilitating the construction /downtownbrooklyn of public spaces and streetscapes that promote an active and cohesive community; /downtownbklyn supporting and promoting Downtown Brooklyn’s cultural assets; and encouraging a unified sense of place and an engaged civic community. Design by FANTÁSTICA © September 2016 1 Table of Contents of Table Introduction Table of Contents Introduction Welcome to the Downtown Brooklyn Market Report – the leading source for market information, investment opportunities, and all that is happening in the fastest growing downtown in the nation. In the content that follows, you will find key metrics and trends in the Downtown Introduction 3 Brooklyn real estate marketplace as well as highlights of the opportunities to live, work, and play Executive Summary 5 in the neighborhood. The Downtown Brooklyn Story 10 Demographics Overview 13 The report comprises four major sections. The Downtown Brooklyn Story provides context on Market Report how the neighborhood became one of the most desirable downtowns in America. The next Commercial Office 23 section focuses on Downtown Brooklyn today in terms of demographic trends and job market Residential 31 statistics. The market report section details Downtown Brooklyn real estate market trends in the Retail 35 commercial office, residential, retail, and hospitality sectors. Rounding out the report is a look at Hospitality 43 the numerous qualities that make Downtown Brooklyn an exceptional place to live, work, and Live Work Play play. Transportation 49 Bars + Restaurants 57 Culture + Entertainment 61 Education 67 Parks + Open Space 73 Conclusion 75 3 Executive Summary Summary Executive Executive Executive Summary Downtown Brooklyn has emerged as a global new apartments to the neighborhood, 21st century downtown and a major hub for including the upper floors of Avalon Bay's 100 business, creativity, and entrepreneurship. Willoughby Street, BFC Partners’ 7 DeKalb, JPMorgan Chase occupies 1.4 million square The Brodsky Organization’s City Point Tower, feet of space here, housing 5,500 employees, The Gotham Organization’s 250 Ashland and has plans to relocate at least 1,500 Place, Greenland Forest City Partners’ B2 at additional employees from Manhattan to Pacific Park, and Two Trees Management Downtown Brooklyn in the coming months. Company’s 300 Ashland Place. Innovation firms like Tough Mudder, Slate, and Maker’s Row also call Downtown In the retail sector, Downtown Brooklyn has Brooklyn home, while co-working spaces such nearly over 400 establishments representing as WeWork and Green Desk have attracted numerous categories from apparel to home additional startups that further diversify goods to department stores like Macy’s and Downtown Brooklyn’s economy. All of this Century 21. Downtown Brooklyn is also home business activity contributes to a strong to the 1.8 million-square-foot mixed-used commercial office market with overall development called City Point featuring both vacancy hovering around 3%. Meanwhile, a national and local retailers, 680 apartments, number of new commercial office projects commercial office space, and a food market from Tishman Speyer, JEMB Realty, and hall with 50 local purveyors. Greenland Forest City Partners are in the pipeline to support continued growth. The hospitality sector is the strongest it has been in Downtown Brooklyn’s history with 9 In the residential sector, a total of 6,758 hotels representing 3,800 rooms – more than apartments have been built in the past double the number of rooms located here just decade. Several new residential projects are five years ago. coming to fruition that will add almost 2,000 4 Photo: Forest City Ratner Companies 5 36% 36% 29% 29% •Completed•Completed 6,7586,758 •Completed• Completed 61 61 •Construction•Construction 5,9975,997 •Construction•Construction 30 30 •Pipeline•Pipeline 7,0827,082 •Pipeline •Pipeline 37 37 19,83719,837 128 128 ResidentialResidential Units Units All ProjectsAll Projects 23% 23% 34%34% 30%30% 48% 48% 36% 36% 36% 36% 20% 20% 23% 23% 14% 14% 21% 21% 28% 28% 15,36315,363 4,4744,474 54 54 66 66 33% 33% 9 9 RentalRental 30%30% CondoCondo Residential Residential Retail* Retail* Hotel Hotel 17% 17% 44% 44% 34%34% 47% 47% 65% 65% 52% 52% •Completed•Completed 4,646 4,646 •Completed•Completed 2,112 2,112 •Completed •Completed 28 28 •Completed •Completed 43 43 •Completed •Completed 4 4 •Construction•Construction 5,229 5,229 •Construction•Construction 768 768 •Construction• Construction 15 15 •Construction• Construction 13 13 •Construction• Construction 3 3 •Pipeline•Pipeline 5,488 5,488 •Pipeline•Pipeline 1,594 1,594 •Pipeline •Pipeline 11 11 •Pipeline •Pipeline 9 9 •Pipeline •Pipeline 2 2 20% 20% 20% 20% 100% 100% DowntownDowntown Brooklyn Brooklyn HAS HAS seen seen a asignificant significant numbernumber of of real real estate estate development development 13% 13%15 15 80% 80% 5 5 3 3 Office Office Culture + Culture + Education Education projectsprojects since since 2004. 2004 Tourism Tourism 67% 67% FigureFigure 1: Residential 1: Residential Units Units in Downtownin Downtown Brooklyn Brooklyn Source:Source: Downtown Downtown Brooklyn Brooklyn Partnership Partnership •Completed •Completed 10 10 •Completed •Completed 4 4 •Completed •Completed 0 0 •Construction• Construction 2 2 •Construction• Construction 0 0 •Construction• Construction 3 3 •Pipeline •Pipeline 3 3 •Pipeline •Pipeline 1 1 •Pipeline •Pipeline 0 0 6 *Number of projects*Number that contain of projects some that retail contain component. some retail component. 7 WilliamsburgWilliamsburg BridgeBridge ManhattanManhattan Bridge Bridge BrooklynBrooklyn Bridge Bridge InIn total,total, allall ofof thesethese realreal estateestate projectsprojects –– 6161 TheThe neighborhoodneighborhood alsoalso hashas moremore thanthan 1.11.1 VINEGARVINEGAR completed,completed, 3030 inin construction,construction, andand 3737 inin thethe millionmillion squaresquare feetfeet ofof publicpublic spacespace acrossacross 1313 HILLHILL KentKent Ave Ave pipelinepipeline –– representrepresent moremore thanthan $11$11 billionbillion inin didifffferenterent venuesvenues providingproviding residents,residents, workers,workers, DUMBODUMBO GREATERGREATER privateprivate investmentinvestment inin DowntownDowntown BrooklynBrooklyn inin students,students, andand visitorsvisitors withwith easyeasy accessaccess toto DOWNTOWNDOWNTOWN NAVYNAVY YARDYARD EastEast thethe lastlast decade.decade. openopen space.space. AndAnd DowntownDowntown BrooklynBrooklyn isis homehome BROOKLYNBROOKLYN RiverRiver BQEBQE toto exceptionalexceptional restaurantsrestaurants andand barsbars likelike BROOKLYNBROOKLYN FlushingFlushing AveAve HEIGHTSHEIGHTS Cadman PlazaCadman E Plaza E InIn additionaddition toto itsits strongstrong realreal estateestate market,market, GansoGanso Ramen,Ramen, LivingstonLivingston Manor,Manor, PolloPollo D’Oro,D’Oro, TillaryTillary StSt DowntownDowntown BrooklynBrooklyn isis aa collegecollege town,town, withwith 1111 andand FornoForno Rosso.Rosso. FORTFORT GREENEGREENE CLINTONCLINTON HILLHILL Jay St Jay St higherhigher educationeducation institutionsinstitutions representingrepresenting SPECIALSPECIAL DOWNTOWNDOWNTOWN MyrtleMyrtle AveAve BrooklynBrooklyn Bridge Bridge Park Park 60,00060,000 collegecollege studentsstudents andand 11,00011,000 facultyfaculty KnittingKnitting allall ofof thesethese assetsassets togethertogether isis thethe BROOKLYNBROOKLYN DISTRICTDISTRICT FortFort GreeneGreene andand stastaffff.. Moreover,Moreover, thesethese institutionsinstitutions havehave neighborhood’sneighborhood’s incredibleincredible transportationtransportation ParkPark createdcreated aa pipelinepipeline ofof talenttalent makingmaking networknetwork –– 1313 subwaysubway andand 1515 busbus lineslines serveserve LivingstonLivingston StSt WashingtonWashington Ave Ave DowntownDowntown BrooklynBrooklyn aa majormajor recruitmentrecruitment thethe corecore ofof DowntownDowntown BrooklynBrooklyn –– thethe mostmost ofof FlatbushFlatbush Ave Ave centercenter forfor employersemployers inin thethe commercialcommercial sectorsector anyany locationlocation inin NewNew YorkYork City.City. AtlanticAtlantic Ave Ave COBBLECOBBLE HILLHILL seekingseeking strongstrong talent.talent. FultonFulton StSt FigureFigure 2:2: DowntownDowntown BrooklynBrooklyn isis generallygenerally BOERUMBOERUM HILLHILL CompletingCompleting thethe picturepicture ofof DowntownDowntown referredreferred toto asas thethe areaarea withinwithin thethe boundariesboundaries BrooklynBrooklyn asas aa truetrue 24/724/7 destinationdestination isis thethe ofof thethe SpecialSpecial DowntownDowntown BrooklynBrooklyn District.District. 4th4th Ave Ave bustlingbustling artsarts andand entertainmententertainment scenescene TheThe DowntownDowntown BrooklynBrooklyn CommunityCommunity RESIDENTIALRESIDENTIAL anchoredanchored byby thethe 18,000-seat18,000-seat BarclaysBarclays CenterCenter includesincludes thethe surroundingsurrounding
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