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

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

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 neighborhoodsneighborhoods ofof CARROLLCARROLL GARDENSGARDENS UnionUnion StSt AREAAREA andand 7070 culturalcultural groupsgroups inin thethe BrooklynBrooklyn DUMBO,DUMBO, BrooklynBrooklyn Heights,Heights, CobbleCobble Hill,Hill, PROSPECTPROSPECT HEIGHTSHEIGHTS CulturalCultural District.District. BoerumBoerum Hill,Hill, ProspectProspect Heights,Heights, FortFort Greene,Greene, PARKPARK SLOPESLOPE VinegarVinegar Hill,Hill, andand thethe BrooklynBrooklyn NavyNavy Yard.Yard. FigureFigure 2:2: DowntownDowntown BrooklynBrooklyn CommunityCommunity Source:Source: DowntownDowntown BrooklynBrooklyn PartnershipPartnership ProspectProspect REDRED HOOKHOOK ParkPark

8 9

The Downtown Brooklyn Story Story Brooklyn Brooklyn Downtown Downtown The The

The Downtown Brooklyn Story

The transformation of Downtown Brooklyn the heart of Downtown Brooklyn. At the same Thanks to the rezoning, much of the into a world-class 21st century downtown time, plans for investment in public Downtown Brooklyn vision has been realized. cannot be attributed to any single cause. infrastructure as well as the development of Close to $400 million of public investment in Several factors played a critical role in its a cultural district around the Brooklyn infrastructure like roads, parks, cultural success including the growth of the Academy of Music took shape. venues, and public spaces has been made innovation economy, collaboration among here. As a result, the private sector responded local colleges and universities, and In 2001, a task force that became known as with more than $11 billion of investment in development of the area as a major nexus for the Group of 35 authored a comprehensive over 40 million square feet of residential, culture. However, the groundwork was laid for report that called for the development of commercial, and institutional space this success long ago consisting of three Downtown Brooklyn into a thriving completed, under construction, or in the primary factors – public investment, smart commercial hub that would “include pipeline. Downtown Brooklyn has also seen land use policy, and sustained local advocacy. residential, academic, retail, and open space strong gains in diversity, population, and development, which will help link the employment. This combined with the As early as the 1980s, a group of city leaders commercial core with the surrounding emergence of a robust innovation economy recognized the abundant potential for residential communities, the adjacent and recognition of the Brooklyn Cultural Downtown Brooklyn in the City’s future technology district in DUMBO, Brooklyn District as one of New York’s great treasures economy. Based on its location and strong Bridge Park, [and the nearby Brooklyn has made Downtown Brooklyn a model for transit infrastructure, several ambitious Cultural District].” The result of this report the 21st century and provides a roadmap for plans were put forward to position Downtown was the City Planning Commission’s creation other expanding downtowns across the Brooklyn as a center of corporate research, and approval of a new Special Downtown United States and the world. Photo: Forest City Ratner Companies development, and technology. Brooklyn District which was later rezoned in 2004 for greater commercial density. Seizing on this opportunity, the City selected Forest City Ratner Companies as the lead developer for MetroTech Center, a multi- million-square-foot commercial campus in

10 11

Demographics + Job Market Market Job + Demographics Demographics + Job Market Market Job Demographics+ Demographics +Demographics +Job Job Market Market

DowntownDowntown Brooklyn Brooklyn is growing is growing at a at a populationpopulation rose rose from from 140,373 140,373 to 150,656, to 150,656, an an tremendoustremendous rate. rate. As shownAs shown below, below, a current a current increaseincrease of 7.3 of percent7.3 percent (Figure (Figure 5). Between4). Between populationpopulation of 22,000 of 22,000 residents residents is expected is expected to to 20092009 and and 2013, 2013, the thenumber number of young of young adults adults in in increaseincrease to more to more than than 50,000 50,000 by 2025. by 2025 The (Figure DowntownDowntown Brooklyn Brooklyn increased increased by 29 by percent29 percent number3). The of numbershoppers, of college shoppers, students, college students, (Figures(Figures 6). Meanwhile,5, 6). Meanwhile, the number the number of of tourists,tourists, and and others others contribute contribute to Downtown to Downtown residentsresidents with with at least at least a bachelor’s a bachelor’s degree degree Brooklyn’sBrooklyn’s rising rising daytime daytime population, population, which which is is skyrocketedskyrocketed by 99 by percent99 percent and and median median on targeton target to increase to increase to more by more than than a quarter a quarter householdhousehold income income grew grew by more by more than than 22 22 millionmillion people people by 2025 by 2025. (Figure This 4). furthers This the percentpercent during during the thesame same period period (Figures (Figures 7, 8). 7, 8). furtherspopulation the population density trend density of the trend past of decade,the TodayToday the theaverage average household household size size is 2.0 is 2.0and and pastwhere decade, between where 2000between and 20002013, andthe 2013, the thefemale female to male to male ratio ratio is nearly is nearly equal equal at 1 at 1 the neighborhoodneighborhood sawsaw aa 1717 percentpercent growth.growth. femalefemale to every to every .96 .96males. males. Downtown Downtown CombiningCombining Downtown Downtown Brooklyn Brooklyn with with BrooklynBrooklyn is also is also one one of the of themost most racially racially and and surroundingsurrounding residential residential neighborhoods, neighborhoods, the the ethnicallyethnically diverse diverse neighborhoods neighborhoods (Figure (Figure 9). 9). 56K56K

60K60K downtowndowntown brooklyn’s brooklyn’s 22K22K residentialresidential population population 40K40K is ison on track track to to exceed exceed 50,00050,000 residents residents by by 20K20K 2025.2025. Each Icon Represents 1000 People Represents Icon Each Each Icon Represents 1000 People Represents Icon Each ̣ ̣

20152015 20252025

FigureFigure 3: Downtown 3: Downtown Brooklyn Brooklyn Residential Residential Population Population + Expected + Expected Growth Growth Source:Source: 2014 2014 ACS ACSdata; data; Downtown Downtown Brooklyn Brooklyn Partnership Partnership Development Development Matrix Matrix 2016 2016 and and2017 2017 expectations; expectations; NYC NYCPopulation Population Projections Projections by Age/Gender by Age/Gender & Borough, & Borough, Dec 2013,Dec 2013, NYC NYCDept. Dept. of Planning, of Planning, NCES, NCES, IPEDs, IPEDs, Press Press search,search, Census Census data, data, Department Department of education of education 12 Photo: Sasha Smolina Photography 13 260K

260K Downtown Brooklyn's

240K Daytime Population is 17,515 17,515 23,806 23,806 39,040 39,040 45,723 45,723 140,373 140,373 150,656 150,656 projected to increase 160,000 220K byto more than a quarter million people by 20252025. 200K

170K 2009-13 2009-13 180K

160K 2000 2000

Special Downtown Greater Downtown Downtown Brooklyn 140K Brooklyn District Brooklyn Community

Figure 5: Growth in Population in Downtown Brooklyn 120K Sources: Census 2000 and American Community Survey 2009-2013 5-Year Estimates (Social Explorer)

100K

80K 9,653 9,653 14,308 14,308 19,009 19,009 24,443 24,443 71,908 71,908 77,912 77,912 80,000

60K • K-12 students 40K • Tourists Stay at home (Young Children + Adults) • 2009-13 2009-13 • Shoppers 20K • College Students Oﬃce Workers 1000 People Represents Icon Each 1000 People Represents Icon Each ̣ ̣ • 2000 2000

2015 2025 Special Downtown Greater Downtown Downtown Brooklyn Brooklyn District Brooklyn Community

Figure 4: Downtown Brooklyn Daytime Population Figure 6: Growth in population age 18-44 in Downtown Brooklyn Source: 2014 ACS data; DTB Development Matrix 2016 and 2017 expectations; NYC Population Projections by Source: Census 2000 and American Community Survey 2009-2013 5-Year Estimates (Social Explorer) Age/Gender & Borough, Dec 2013, NYC Dept. of Planning, NCES, IPEDs, Press search, Census data, Department of education 14 15 94,036 69,286 83,399 46,085 $100,000

Special Downtown Greater Downtown Downtown Brooklyn Brooklyn Total Brooklyn District Brooklyn Community

Figure 8: Median household income (in 2013 dollars), 2009-13 Source: American Community Survey 2009-2013 5-Year Estimates (Social Explorer) 47.9% 68.1% 34.6% 54.5% 50.1% 63.9% 21.8% 30.6% 70%

The neighborhood’s dynamism extends Private-sector employment rose across 2009-13

beyond the residential community to its Downtown Brooklyn between 2002 and 2013, Gender

vibrant workforce as well. Downtown as shown in the data in Figure 12 from 2000 the Asian Brooklyn is part of the Brooklyn Tech Triangle, Census Bureau’s Local Employment Dynamics 12% Special Downtown Greater Downtown Downtown Brooklyn Brooklyn Total comprising also DUMBO andBrooklyn the District Brooklyn Brooklyn (LED)Community series. Particular areas of growth were Navy Yard, which has emerged as New York in professional and business services, media Black 14% City’s largestFigure cluster 7: Percentage of tech of activityresidents outside age 25 and older withand atinformation least a bachelor’s services, degree real estate, of Manhattan.Source: Census 2000 and American Community Surveyeducation, 2009-2013 the 5-Year arts Estimates and entertainment, (Social Explorer) hotels Hispanic and restaurants, and retail. 15% A precursor to this was seen in the area’s Other steady employment growth between 2002 Today, the innovation economy and Brooklyn 5% and 2013, particularly in the professional and are both hotter than ever. The Brooklyn Tech Female Male creative sectors. Brooklyn overall experienced Triangle is now home to 17,300 innovation 50.8% 49.2% very strong growth in private payroll employees – a 45% growth from 2012 to 2015. employment in a number of “innovation94,036 69,286 More than83,399 1,350 innovation46,085 companies $100,000 are economy” industries (Figure 11). This data is located here – 22% more than four years ago White 54% conservative in that it does not capture – including established ﬁrms like Etsy, Huge, people who work independently as MakerBot, Crye Precision, and Steiner freelancers, artists, or solo entrepreneurs. Studios. The Tech Triangle has attracted many new and expanding companies— To get clearer insight into the growth of self- startups like goTenna, Honeybee Robotics, employment in several sectors often and Sartorous; and companies from the West Ethnicity associated with the innovation economy, Coast and other countries looking to have a Special Downtown Greater Downtown Downtown Brooklyn Brooklyn Total data provided by the CensusBrooklyn Bureau’s District Brooklyn majorCommunity New York presence. Figure 9: Downtown Brooklyn Demographics *Source: ACS 2009-2013 5-Year Estimates AmericanFigure Community 8: Median Survey household (ACS) income in Figure (in 2013 dollars), 2009-13 **Source: Census 2000, Census 2010, ACS 2009-2013 5-Year Estimates 12 showsSource: self employment American Community by industry. Survey 2009-2013 5-Year Estimates (Social Explorer) 16 17 47.9% 68.1% 34.6% 54.5% 50.1% 63.9% 21.8% 30.6% 70% 2009-13 2000

Special Downtown Greater Downtown Downtown Brooklyn Brooklyn Total Brooklyn District Brooklyn Community

Figure 7: Percentage of residents age 25 and older with at least a bachelor’s degree Source: Census 2000 and American Community Survey 2009-2013 5-Year Estimates (Social Explorer) In short, Downtown Brooklyn is where entrepreneurs and innovators can ﬁnd the

support they need to keep growing and create Industry 2001 2014 Change % Change

opportunity for tens of thousands more New Non-store retail 1,662 3,538 1,876 112.9% Yorkers in the coming years. Publishing (other than Internet) 806 1,092 286 35.5%

Internet publishing ND 521 521 NA The neighborhood’s dynamism extends Private-sector employment rose across Other information services ND 1,366 1,366 NA beyond the residential community to its Downtown Brooklyn between 2002 and 2013, Gender Architecture and engineering 601 1,386 785 130.6% vibrant workforce as well. Downtown as shown in the data in Figure 10 from the Asian 1,162 1,292 1,717 1,963 1,964 2,744 3,031 3,811 5,107 Specialized design services 408 1,118 710 174.0% Brooklyn is part of the Brooklyn Tech Triangle, Census Bureau’s Local Employment Dynamics 6,000 12% comprising also DUMBO and the Brooklyn (LED) series. Particular areas of growth were Computer systems design 1,656 3,309 1,653 99.8% Navy Yard, which has emerged as New York in professional and business services, media Black Scientiﬁc research & development 1,444 1,685 241 16.7% 14% City’s largest cluster of tech activity outside and information services, real estate, Advertising, marketing & public relations 694 1,590 896 129.1% of Manhattan. education, the arts and entertainment, hotels Arts, entertainment & recreation 3,314 7,275 3,961 119.5% Hispanic and restaurants, and retail. 15% TOTAL 10,585 22,880 12,295 116.2% A precursor to this was seen in the area’s Other Figure 11: Payroll job growth in Brooklyn in selected “innovation economy” industries steady employment growth between 2002 Today, the innovation economy and Brooklyn 5% Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages Utilities and 2013, particularly in the professional and are both hotter than ever. The Brooklyn Tech Female Male Retail Trade Retail creative sectors. Brooklyn overall experienced Triangle is now home to 17,300 innovation 50.8% Information 49.2% very strong growth in private payroll employees – a 45% growth from 2012 to 2015.

employment in a number of “innovation More than 1,350 innovation companies are Educational Services Industry 2006 2013 Change % Change economy” industries (Figure 11). This data is located here – 22% more than four years ago White Manufacturing 3,286 2,995 (291) (8.9%) 54% conservative in that it does not capture – including established ﬁrms like Etsy, Huge, Real Estate & Rental & Leasing Estate & Rental Real Information 4,063 5,987 1,924 47.4% Accommodation & Food Services & Food Accommodation people who work independently as MakerBot, Crye Precision, and Steiner Arts, Entertainment, & Recreation Professional, scientiﬁc and technical services 11,983 17,623 5,640 47.1% Other Services (except Public Admin) Other Services (except freelancers, artists, or solo entrepreneurs. Studios. The Tech Triangle has attracted Arts, entertainment & recreation 7,491 10,687 3,196 42.7%

many new and expanding companies— Services Scientiﬁc, & Technical Professional, TOTAL 26,823 37,292 10,469 39.0% To get clearer insight into the growth of self- startups like goTenna, Honeybee Robotics, employment in several sectors often and Sartorous; and companies from the West Ethnicity associated with the innovation economy, Coast and other countries looking to have a data provided by the Census Bureau’s major New York presence. FigureFigure 9: Downtown 10: Change Brooklyn in private-sector Demographics employment in selected industries in the Downtown Brooklyn Figure 12: Growth in self-employment in Brooklyn in selected industry sectors *Source: ACS 2009-2013 5-Year Estimates American Community Survey (ACS) in Figure Community, 2002 – 2013 Source: U.S. Census Bureau, American Community Survey 2013 **Source:Source: Census U.S. 2000, Census Census Bureau, 2010, OnTheMap ACS 2009-2013 Application 5-Year and Estimates LEHD Origin-Destination Employment Statistics 12 shows self employment by industry. (Beginning of Quarter Employment, 2nd Quarter of 2002-2012) 18 19 Industry 2001 2014 Change % Change

Non-store retail 1,662 3,538 1,876 112.9% 94,036 69,286 83,399 46,085 Publishing (other than Internet) 806 1,092 286 $100,000 35.5%

Internet publishing ND 521 521 NA 1,162 1,292 1,717 1,963 1,964 2,744 3,031 3,811 5,107 Other information services ND 1,366 1,366 NA 6,000 Architecture and engineering 601 1,386 785 130.6%

Specialized design services 408 1,118 710 174.0%

Computer systems design 1,656 3,309 1,653 99.8%

Scientiﬁc research & development 1,444 1,685 241 16.7%

Advertising, marketing & public relations 694 1,590 896 129.1% Special Downtown Greater Downtown Downtown Brooklyn Brooklyn Total Arts, entertainment & recreationBrooklyn District Brooklyn 3,314Community 7,275 3,961 119.5%

TOTAL 10,585 22,880 12,295 116.2%

Utilities Figure 8: Median household income (in 2013 dollars), 2009-13 Source: American Community Survey 2009-2013 5-Year Estimates (Social Explorer) Retail Trade Retail Information Figure 11: Payroll job growth in Brooklyn in selected “innovation economy” industries Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages Educational Services 47.9% 68.1% 34.6% 54.5% 50.1% 63.9% 21.8% 30.6% 70% Real Estate & Rental & Leasing Estate & Rental Real

Accommodation & Food Services & Food Accommodation Industry 2006 2013 Change % Change Arts, Entertainment, & Recreation

Other Services (except Public Admin) Other Services (except Manufacturing 3,286 2,995 (291) (8.9%)

Information 4,063 5,987 1,924 47.4% Professional, Scientific, & Technical Services Scientific, & Technical Professional, Professional, scientific and technical services 11,983 17,623 5,640 47.1% 2009-13

Arts, entertainment & recreation 7,491 10,687 3,196 42.7%

TOTAL 26,823 37,292 10,469 39.0% 2000

Special Downtown Greater Downtown Downtown Brooklyn Brooklyn Total Brooklyn District Brooklyn Community

Figure 10: Change in private-sector employment in selected industries in the Downtown Brooklyn Figure 12: Growth in self-employment in Brooklyn in selected industry sectors Community, 2002 – 2013 Source:Figure U.S. Census 7: Percentage Bureau, ofAmerican residents Community age 25 and Survey older 2013with at least a bachelor’s degree Source: U.S. Census Bureau, OnTheMap Application and LEHD Origin-Destination Employment Statistics Source: Census 2000 and American Community Survey 2009-2013 5-Year Estimates (Social Explorer) (Beginning of Quarter Employment, 2nd Quarter of 2002-2012) 20 Photos (Top, Bottom): Sasha Smolina Photography 21

MARKET REPORT REPORT MARKET MARKET MARKET REPORT

Commercial Office Between 2009 and 2015, innovation employment grew 29.4% in Brooklyn; in the same period, the Brooklyn Tech Triangle 20% 20% consisting of Downtown Brooklyn, DUMBO, and the Brooklyn Navy Yard experienced an 13% 15 87% increase in innovation employment Office growth. Large innovation firms in the Tech Triangle include Etsy, Tough Mudder, and 67% Huge, while Downtown Brooklyn is home to major companies including JPMorgan Chase, 14% which occupies 1.4 million square feet of •Completed 10 •Construction 2 space; National Grid, WeWork, and Uniworld •Pipeline 3 86% Group. As such, nearly all of Downtown Brooklyn’s 17 million square feet of office $2.4B There has never been a better time to locate a space has been absorbed, resulting in a low be $2.8B Economic Output company in Downtown Brooklyn. The demand commercial office vacancy rate of 3.0%. This Total Economic for office space is at an all-time high driven rate is significantly lower than other major .in $423M primarily by innovative and creative areas in the City, including Lower Manhattan Impact Spending by Students + Families businesses looking to cluster with other like- at 8.9%, Midtown South at 4.6%, and minded firms in the area – a trend that has Midtown Manhattan at 7.1%. been intensifying over the last several years.

$1 22 Photos (Top, Bottom): Fantastica; Sasha Smolina Photography 23 $457 $51K $16.5 million billion million

Awarded in Financial Aid Average Salary Upon Total Labor Compensation State + Local Graduation Sales Tax Revenue Each Icon Represents 1000 Units Represents Icon Each ̣

60K 14K 22K 10K Total Students Degrees Awarded Total Employment Direct Employment

Figure 24: Impact of Downtown Brooklyn Higher Education Institutions Source: Brooklyn Education Innovation Network A SAMPLING OF BROOKLYN TECH TRIANGLE COMPANIES brooklyntechtriangle.com BROOKLYN TECH TRIANGLE INNOVATION ECONOMY The Brooklyn Navy Yard Development Corporation (BNYDC) is the not-for- 2015 Update profit corporation that manages the Brooklyn Navy Yard on behalf of its owner, the City of New York. BNYDC’s mission is to fuel New York City’s economic vitality by creating 2012 2015 2020 2025 and preserving quality jobs, anchoring the City’s modern industrial sector and businesses, Actual Actual Planned Potential and connecting the local community with the economic opportunity and resources of the Yard. The 300-acre industrial park on the Brooklyn waterfront, once the site of one of the nation’s most storied naval shipbuilding facilities, is now home to over 330 industrial 1,107 1,351 businesses employing nearly 7,000 people. Through investments in new green buildings Number of Firms and infrastructure, the Yard has become a national model for sustainable urban industrial parks and home to modern manufacturers that are tech-driven and socially responsible. brooklynnavyyard.org Future 3.1M Demand 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 administers—the MetroTech BID, Fulton Mall Improvement Association, and Court-Livingston-Schermerhorn BID—the Partnership manages over 1 million square feet of public space and undertakes diverse activities 2.1M 3.1M 6.7M 9.8M

including attracting new investment and improving the environment for existing companies; SpaceWork (SF) facilitating infrastructure development that promotes an active and cohesive community; supporting and heralding the area’s cultural assets; and encouraging a unified sense of place and an engaged civic community. downtownbrooklyn.com Lost 17,823 Opportunity The DUMBO Improvement District is a 501(c)3 non-profit organization founded in 2006 to enhance and promote the quality of life in DUMBO, Brooklyn. We advocate on behalf of DUMBO’s businesses, nonprofits, cultural organizations, property owners and residents, and provide community services and programming that amplify DUMBO’s creative and innovative vibe. Think of us as a hyper-local Chamber of Commerce meets neighborhood cheerleader. The DUMBO BID provides free neighborhood wifi, street 11,967 17,302 36,073 53,896

beautification and cleaning, neighborhood planning and advocacy, management of public Number of Employees spaces (The Archway under the Manhattan Bridge, Pearl Street Triangle and Old Fulton Plaza), and provides public art and community programs. dumbo.is Lost $4.8B Opportunity

$3.5B $5.3B $10.7B $15.5B Total Economic Total Impact

If future demand is not met, the Brooklyn Tech Triangle could lose brooklyntechtriangle.com @bklynnavyyard @downtownbklyn @dumbobid an additional 18,000 jobs and $4.8 billion in economic impact.

24 Photo: Forest City Ratner Companies 25 Given the high demand for commercial office At 41 Flatbush Avenue, Quinlan Development space, developers have responded with plans and Building & Land Technology recently for several new office projects. JEMB Realty completed the conversion of the Pioneer and Forest City Ratner Companies plan a Building, a former self-storage facility, into a 500,000-square-foot building sufficient in modern 260,000-square-foot commercial scale for a corporate headquarters to be office building with 27,000-square-foot floor located at One Willoughby Square, directly plates. The interior is reminiscent of large across from City Point, the new 1.8 million- warehouse space typically found on square-foot mixed-use center complete with Brooklyn’s waterfront with exposed beams,

a plethora of food and retail establishments. tall ceilings, and abundant light, and the Rendering: Quinlan Development and Building & Land Technology The building will also be adjacent to the building is located steps from the vibrant 11% 10.0% future Willoughby Square Park, making it a Brooklyn Cultural District. 10% great destination for employees to take a 9% 8.9% break during or after the work day. Finally, Greenland Forest City Partners 8% 7.6% 7.1% recently announced plans to explore the 7% In addition to One Willoughby Square, creation of significant Class A office space at 6% 4.7% 4.6% Tishman Speyer will renovate the Fulton 590 Atlantic Avenue as part of its Pacific Park 5% 4% Street Macy’s store and convert 360,000 project. If it gets New York State approval, 3.2% 3.0% 3% square feet of underutilized upper floors into the mixed-use building could potentially 2% office space also conducive to house a include one million square feet and likely be 1% corporate headquarters. The building is the biggest new office development in located in the heart of Downtown Brooklyn’s Brooklyn. 2015 / Q2 2015 / Q3 2015 / Q4 2016 / Q1 2016 / Q2 premier shopping district and like all areas of the neighborhood benefits from great transit ( Lower ManhattanManhattan; ( MidtownMidtown; (( MidtownMidtown SouthSouth; (( DowntownDowntown BrooklynBrooklyn access. Figure 13: Office Vacancy Rates: Downtown Brooklyn VS. Manhattan Source: Newmark Grubb Knight Frank 26 27 Industrial + comercial Expansion and Relocation Small business support is also available for Incentives companies looking to expand in Downtown Brooklyn. New York City’s Department of Small Business Services has several resources COMMERCIAL Energy cost savings Industrial And RELOCATION AND In addition to new commercial office space EXPANSION PROGRAM program Commercial EMPLOYMENT available for customization, several incentive available to growing companies including Abatement Program ASSISTANCE PROGRAM (CEP) (ECSP) (ICAP) (REAP) programs specific to the boroughs outside of help navigating construction and renovation Manhattan are available to make a corporate permits. And the Downtown Brooklyn About About About About expansion or relocation to Brooklyn very Partnership provides digital marketing, Rent abatement up to $2.50 Up to 45% or 35% savings Property tax abatement for Relocation tax credit up to per square foot on regulated electric and renovation or construction $3,000 per employee for 12 attractive. Perhaps the most popular beautification, and public safety support for natural gas costs (successor to the ICIP years respectively. Also, a program) incentive is the Relocation Employee the area’s businesses. combined heat and power (CHP) credit up to 4.44 cents Assistance Program (REAP) available to for each kilowatt-hour companies relocating from anywhere in the generated for co-generation systems that meet the world outside of Manhattan to Brooklyn (or “clean cogen”emissions standard of 0.3 lbs NOx per the other boroughs). This program provides a MWh tax credit of $3,000 per relocated employee Eligibility Eligibility Eligibility Eligibility for twelve years. Industrial + commercial Industrial + commercial Industrial + commercial Industrial + commercial businesses, excluding retail businesses, excluding retail businesses. Various businesses, excluding retail businesses business and hotels restrictions on retail activity and hotels relocating into In addition to REAP, there are several depending on location targeted areas of the city programs that help offset the cost of Administering Agency Administering Agency Administering Agency Administering Agency construction including the Industrial and NYC Department of Finance NYC Department of Small NYC Department of Finance NYC Department of Finance (DOF) Business (SBS) (DOF) (DOF) Commercial Abatement Program (ICAP) and the Commercial Expansion Program (CEP). Several energy incentive programs like the Energy Cost Savings Program (ECSP) help to offset costs associated with converting to Figure 14: Available Incentives in Downtown Brooklyn green energy in older buildings. Source: Downtown Brooklyn Partnership; City of New York 28 29 Residential Surrounded by Brooklyn’s historic brownstone neighborhoods, Downtown Brooklyn’s residential units comprise a range of 20% condominiums, market-rate rental units, and affordable housing, characterized by modern 28% 54 building design and the most up-to-date Residential amenities.

Despite the recent increase of available or

52% new residential units, market-rate rental prices have fluctuated little over the past •Completed 28 •Construction 15 year. Current average rental prices for a one- •Pipeline 11 bedroom in Downtown Brooklyn reached $3,239 at the end of Q2 in 2016. This is up Downtown Brooklyn has emerged as one of from $3,118 in February 2016, but in line with the hottest and most diverse New York City average rental prices a year prior which were residential neighborhoods. In the past at $3,252 at the end of Q2 in 2015. decade, nearly 20,000 residential units have been planned, are in construction, or recently The sustained high demand for more housing completed, in sum totaling close to 30 million will be met by a number of residential square feet of residential development. projects to come online within the next year. The area’s largest mixed-use development at Pacific Park now has six buildings under construction, with the first slated to be finished at 461 Dean Street.

30 Rendering: SHoP Architects 31 Formerly known as B2, the project was Thefeatures 53-story 740 residentialtower being units, developed 20 percent by of designedFormerly byknown SHoP as Architects B2, the project and is was located Steinerthemfeatures aff NYCordable, 740 features residential and 740amenities units, residential 20 like percent anunits, of 20 adjacentdesigned to by Barclays SHoP Architects Center where and isit locatedwill outdoorpercentthem a ff ofsundeckordable, them a and ffandordable, terrace, amenities and fully-equipped amenitieslike an includeadjacent 363 to residentialBarclays Center units, where 181 of it them will fitnesslikeoutdoor an outdoorcenter, sundeck dog sundeck and run, terrace, and and bike terrace, fully-equipped storage fully- for aincludeffffordable. 363 residential units, 181 of them everyequippedfitness unit. center, fitness 50% dog of center, the run, a ffand dogordable bike run, storage andunits bike for affordable. ostorageeveryffered unit. willfor every50%be designated ofunit. the 50% aff ordablefor of Communitythe aunitsffordable Another notable mixed-use development is Boardunitsoffered o 2ff residents.willered be will designated be designated for Community for CityAnother Point, notable which recentlymixed-use completed development two is CommunityBoard 2 residents. Board 2 residents. residentialCity Point, projectswhich recently as part completed of a larger tworetail Set at the crossroads of Downtown Brooklyn residential projects as part of a larger retail Set at the crossroads of Downtown Brooklyn and offiffice development. The first is BFC andSet atBoerum the crossroads Hill, the 25-story of Downtown development Brooklyn at Photo: Sasha Smolina Photography Partners’and office 7 development.DeKalb comprising The first 489 ismarket BFC 300andand BoerumLivingstonBoerum Hill,Hill, Street thethe 25-story25-story will also development developmentbe making 20 atat ratePartners’ rental 7 units; DeKalb the comprising second is 489Brodsky’s market City percent300300 LivingstonLivingston of their StreetStreetunits a willwillffordable, alsoalso bebe totaling makingmaking 143 2020 Pointrate rental Tower units; with 250the asecondffffordable is Brodsky’s residential City inpercentpercent all. Residents ofof theirtheir unitsunitswill also aaffffordable, ordable,have local totalingtotaling shops 143to143 units.Point Tower with 250 affordable residential chooseinin all.all. ResidentsResidents from in the willwill 55,000 alsoalso havehave square locallocal feet shopsshops of toto units. retailchoosechoose to from frombe located inin thethe 55,000in55,000 the lower squaresquare level feetfeet floors. ofof $3,252 $3,255 $3,268 $3,248 $3,248 $3,200 $3,205 $3,197 $3,176 $3,118 $3,175 $3,160 $3,197 $3,239 retail to be located in the lower level floors. The nearby Brooklyn Cultural District is wildly retail to be located in the lower level floors. $3,550 $3,252 $3,255 $3,268 $3,248 $3,200 $3,205 $3,197 $3,176 $3,118 $3,175 $3,160 $3,197 $3,239 anticipatingThe nearby Brooklynthe opening Cultural of Two District Trees is wildly TheseHowever, highlighted these highlighted developments developments are only part are $3,375$3,550 $3,375 Managementanticipating the Company’s opening 300of Two Ashland, Trees which ofonlyThese Downtown part highlighted of Downtown Brooklyn’s developments Brooklyn’s residential areresidential only part $3,200 $3,200 willManagement feature 379 Company’s residential 300 units, Ashland, outdoor which and environment.of Downtown RoughlyBrooklyn’s two residential dozen residential $3,025 $2,850$3,025 retailwill feature space, 379and residential45,000 square units, feet outdoor and projectsenvironment. are currently Roughly being two planned,dozen residential which $2,850 designatedretail space, for and cultural 45,000 uses. square feet willprojects be added are currently to the nearly being forty planned, projects which Jun Jul Aug Sep Oct Nov Dec Jan FebMar Apr May Jun designated for cultural uses. alreadywill be addedcompleted. to the nearly forty projects 2015Jun Jul Aug Sep Oct Nov Dec2016 Jan Feb Mar Apr May Jun already completed. Located across from 300 Ashland on the west 2015 2016 Located across from 300 Ashland on the west side of Flatbush Avenue is another soon-to- Figure xx:15: Downtown Brooklyn Average Rental Price ($) / One Bedroom openside ofresidence Flatbush at Avenue the Hub. is Theanother 53-story soon-to- Source:Figure 15:MNS Downtown Brooklyn Average Rental Price ($) / One Bedroom Source: MNS toweropen residencebeing developed at the Hub. by Steiner The 53-story NYC 32tower being developed by Steiner NYC 33 Retail Representing the area’s largest retail investment to date, the 1.8 million-square- foot mixed-use development includes 14% 14%

21% housing, oﬃce, and 660,000 square feet of retail space. Developed by Acadia Realty Trust 66 and Washington Square Partners, anchor Retail* tenants include Century 21, Target, Alamo Drafthouse Cinema, and Trader Joe’s.

65% City Point’s DeKalb Market Hall will be one of the largest food halls in the country, and •Completed 43 •Construction 13 arguably the only one with a distinctly •Pipeline 9 Brooklyn flavor. Curated by Brooklyn native and Foragers Market founder Anna Castellani, the 35,000-square-foot space will be home to While Downtown Brooklyn benefits from the a diverse collection of nearly 50 local and close proximity of boutique retail corridors in regional food outposts – including Ample Cobble Hill, Brooklyn Heights, and DUMBO, Hills Creamery, Bun-ker, and the iconic Katz’s there is no question that Downtown Brooklyn Delicatessen’s first venture beyond its is the center of Brooklyn’s retail hub. The original location. The hall will also host thriving Fulton Mall sees tens of thousands daytime and late-night programming of visitors daily and the recently completed reflective of the borough’s rich culture. City Point development located there is poised to become Brooklyn’s premier retail center.

*Number of projects that contain some retail component. 34 Photo: Rick Sechrest 35 36 Renderings (Top, Bottom): The Gotham Organization Photo: Rick Sechrest 37 2%2% 1% 1% 112 3%3% Restaurants + 5%5% Cafés 5% 102 Apparel + 7% Accessories In addition to the upcoming retailers at City Thirteen public spaces spread across roughly 46 Point, Downtown Brooklyn has welcomed two million square feet range in size from the Beauty + 11% 388 Cosmetics Retail several new retail tenants in recent years, 27,000-square-foot Albee Square to the ﬁve- 41 Establishments 29% including Adidas, Aeropostale, American acre MetroTech Commons. Specialty + Apparel, American Eagle Outﬁtters, Ann Other Taylor Outlet, Banana Republic Factory Store, Conservatively, more than 108,000 people 26 12% Art + Gap Factory Store, House of Hoops, H&M, enter the community’s public spaces each Entertainment Michael’s, Neiman Marcus Last Call, day. The Willoughby Gateway at the shared 21 Nordstrom Rack, Old Navy, Sephora, entrance to the Fulton Mall and Willoughby Grocery + 26%26% Pharmacy SoulCycle, Swarovski, Tangerine Hot Power Plaza, two of the area’s most celebrated 18 Yoga, TJ Maxx, and YogaWorks, to name a spaces, recorded an average of over 34,000 Health, Fitness + few. These are in addition to the dozens of pedestrians each day in August 2016, a Sporting Goods Downtown Brooklyn's local and boutique shops located throughout quarter less than the area around Times 11 the district. Square, more than double the volume Digital + retail makeup includes a Electronics variety of restaurants recorded on Harlem’s bustling 125th Street, 7 and cafes.cafes Other new recent food additions include Yaso and more than other notable Manhattan Furniture + Tangbao on Lawrence Street; The Juice Shop locations like Broadway South in Lower Home Furnishings on Adams Street; Dos Toros, Paris Baguette, Manhattan and 7th Avenue in the Garment 4 Department Stores and Maison Kayser on Court Street; and District. Brasserie Séoul on Schermerhorn Street.

But it’s not only the new retail and restaurant offerings that are drawing more investment Figure 16: Downtown Brooklyn Retail Breakout to the area. Downtown Brooklyn’s public Source: Downtown Brooklyn Partnership spaces rank among the most pedestrian- dense locations in New York City. 38 39 Furthermore, the pedestrian numbers are With the residential and commercial growing, buoyed by exciting programming populations expanding and pedestrian traffic and strong tourism. Between 2014 and 2016, growing at an exponential rate, the demand the Willoughby Gateway experienced a 20% for additional retail destinations will continue growth in pedestrian traffic. This trend was to become even more critical. While City most pronounced in the popular summer Point and Tishman Speyer’s Macy’s site are month of July, which saw a 75% increase in major investments redefining Downtown pedestrian traffic since 2014. Brooklyn’s historic retail corridor along the Fulton Mall, retail presence is continuing to Downtown Brooklyn’s public spaces are grow along other strips, including Court, positioned in close proximity to some of the Livingston, Schermerhorn, and Jay Streets; busiest transit hubs in New York. In fact, along Flatbush Avenue; and including new Brooklyn’s three busiest subway stations are retail spaces coming online as Downtown located directly adjacent to marquee public Brooklyn meets Fort Greene to the east and spaces. Atlantic Avenue/Barclays Center, Boerum Hill to the south. located in close proximity to both Atlantic Terminal and Times Plaza, records more than 65,000 daily pedestrian entries/exits on an average day, while Borough Hall and Jay Street attract 46,024 and 44,409 daily pedestrians respectively. The presence of these growing pedestrian anchors only serve to underscore a continued pattern of growth over the past two years.

40 Photo: Kate Milford 41 Hospitality Three new hotels opened their doors in 2016: Dazzler Brooklyn, the Holiday Inn, and the EVEN Hotel Brooklyn. 23%

The Dazzler Brooklyn features 174 rooms and

33% 9 houses a ballroom space for larger events and Hotel an outdoor beer garden – a hidden gem worth a visit. The 247 rooms located at the Holiday

44% Inn on Schermerhorn Street are a very short walk to Barclays Center, and the hotel also •Completed 4 •Construction 3 boasts a pool and ground-floor restaurant, Pipeline 2 • Brasserie Séoul, inspired by French technique and Korean flavor. The most recent addition Downtown Brooklyn is Brooklyn’s hotel and to the Downtown Brooklyn hotel inventory is hospitality capital, offffering a unique New the EVEN Hotel Brooklyn, where amenities York City experience with fantastic views of like a juice bar and personal exercise the Manhattan skyline. With close proximity equipment in each of its 204 rooms help to Barclays Center and nearly a dozen colleges guests stay healthy while traveling. and universities, hotels located here are a fantastic option for large-scale conventions, corporate, and cultural events. Now boasting more than 3,800 rooms across nine hotels, Downtown Brooklyn is leading outer borough hotel development.

42 Photo: EVEN Hotel | Sam Ogranaja 43

TheThe pioneer pioneer in in the the Downtown Downtown Brooklyn Brooklyn hotel hotel AA second second phase phase of of the the hotel hotel is is currently currently in in marketmarket – – the the New New York York Marriott Marriott at at the the constructionconstruction and and will will add add an an additional additional 242 242 BrooklynBrooklyn Bridge Bridge developed developed by by Muss Muss rooms.rooms. This This project project was was developed developed by by Friend Friend DevelopmentDevelopment in in 1998 1998 – – recently recently completed completed a a DevelopmentDevelopment Group Group and and LodgeWorks. LodgeWorks. renovationrenovation of of 667 667 hotels hotels rooms rooms and and 44,000 44,000 squaresquare feet feet of of meeting meeting space, space, making making it it the the InIn addition addition to to the the more more than than $440 $440 million million largestlargest hotel hotel in in the the neighborhood. neighborhood. alreadyalready invested invested in in the the nine nine hotels, hotels, a a conservativeconservative estimate estimate of of more more than than $60 $60 LeadingLeading the the wave wave of of further further hotel hotel millionmillion is is being being invested invested in in three three new new hotels hotels

constructionconstruction in in Downtown Downtown Brooklyn Brooklyn was was the the toto be be announced announced (and (and the the current current expansion expansion Photo: The Hampton Inn Downtown Brooklyn NuNu Hotel, Hotel, part part of of a a mixed-used mixed-used condominium condominium ofof the the Hampton Hampton Inn). Inn). These These hotels hotels currently currently developmentdevelopment at at the the corner corner of of Smith Smith Street Street at at beingbeing built built will will bring bring more more than than 730 730 rooms rooms AtlanticAtlantic Avenue Avenue in in 2007. 2007. Not Not long long after after in in online.online. Another Another upcoming upcoming boutique boutique luxury luxury 20112011 and and 2012, 2012, Downtown Downtown Brooklyn Brooklyn welcomed welcomed hotelhotel to to keep keep an an eye eye out out for for is is the the soon-to-be soon-to-be thethe Hotel Hotel Indigo, Indigo, aLoft, aLoft, and and Sheraton Sheraton Hotels, Hotels, completedcompleted six-story six-story hotel hotel that that will will be be part part of of toto Du Duffiffieldeld Street, Street, known known locally locally and and aa mixed-use mixed-use development development called called The The Boerum, Boerum, informallyinformally as as the the area’s area’s Hotel Hotel Row. Row. locatedlocated at at the the corner corner of of Smith Smith and and State State Streets,Streets, being being developed developed by by Flank Flank + + Carlyle Carlyle TheThe Hampton Hampton Inn, Inn, which which opened opened in in July July 2014, 2014, Group.Group. isis the the first first Brooklyn Brooklyn hotel hotel to to join join Hilton Hilton Worldwide’sWorldwide’s portfolio. portfolio. Located Located on on the the corner corner ofof Flatbush Flatbush and and Tillary Tillary Streets, Streets, the the hotel hotel has has 117117 rooms, rooms, a a ground-level ground-level bar, bar, state-of-the- state-of-the- artart fitness fitness center, center, and and upper upper floor floor rooms rooms with with FigureFigure 17: 17: Hotels Hotels in in Downtown Downtown Brooklyn Brooklyn Source: Downtown Brooklyn Partnership viewsviews of of the the Manhattan Manhattan skyline. skyline. Source: Downtown Brooklyn Partnership

44 45 46 Photos (Top, Bottom): EVEN Hotel | Sam Ogranaja; Marriott Hotel Brooklyn Bridge Photos (Top, Bottom): Marriott Hotel Brooklyn Bridge; Hampton Inn Downtown Brooklyn 47

LIVE, WORK, PLAY WORK, LIVE, LIVE, WORK, PLAY WORK, LIVE,LIVE, WORK, PLAY

Transportation Even more jobs are accessible to Downtown Brooklyn from the borough’s many New York City runs one of the most robust surrounding neighborhoods where transportation networks globally. With 24- commuters can walk or bike to work. Trying to hour service, New York City’s subways offer get to Lower Manhattan from Downtown unparalleled service. And one of the largest Brooklyn? The subway can get there in five transportation hubs in the five boroughs can minutes. be found in Downtown Brooklyn, boasting 13 subway and 15 bus lines. Brooklyn has also embraced the addition of Citi Bike – New York City’s official bicycle Downtown Brooklyn also houses a major share program and the largest such system in entry point to New York City from Long Island the nation. Citi Bike has targeted Brooklyn as via the Long Island Railroad. Commuters and its largest area of growth, location dozens of tourists alike can enjoy travel via the City’s its 500 total docking stations in the borough, East River Ferry, providing an additional with many more on the way. Downtown transit option on the water that shows off Brooklyn is also part of emerging car share some of New York City’s most breathtaking programs, including Car2Go, with service views. territory covering most of Brooklyn and Queens. And in addition to New York City’s Not only is Downtown Brooklyn’s transit iconic taxi fleets, car service companies such infrastructure extensive, the neighborhood’s as Lyft and Uber have become extraordinarily accessibility to jobs is tremendous. A popular. The latter just announced an population of more than 6.5 million and a innovative partnership with WageWorks to labor force of nearly 3.5 million live within a offer employees using their service in New one-hour commute by mass transit from the York commuter benefits with pre-tax dollars. center of Downtown Brooklyn. 48 Photo: Rick Sechrest 49 Rail Subway Long Island Rail Road 13 Subway Lines Bronx

Walk Bus 1.1 Million SF of Sidewalks + 15 Bus Lines Public Spaces

Manhattan

Queens Mobility Options in Downtown Jersey Car Share Brooklyn Bike City Protected + Car2Go, Zipcar Newark Designated Bike Lanes Downtown Brooklyn

Brooklyn

Taxi Green Borough Taxis Ferry East River Ferry On Demand Rides Bike Share Staten Uber, Lyft Citi Bike Island

Figure 18: Mobility Options in Downtown Brooklyn Figure 19: Census tracts within a one-hour trip from Downtown Brooklyn by public transportation Source: Downtown Brooklyn Partnership Source: Census Bureau data, Google Maps, Appleseed calculations

50 51 Manhattan Bridge

Brooklyn Bridge

East River VINEGAR Kent Ave DUMBO HILL NAVY Finally, exciting plans are underway to YARD • York St construct a 16-mile streetcar route along the Brooklyn-Queens waterfront – an area that BROOKLYN High St HEIGHTS has been described as the backbone of New

• Flushing Ave •

• York City’s future innovation growth. Known Clark St Clark Clark St Clark CadmanCadman Plaza Plaza E E Tillary St BQE as the Brooklyn-Queens Connector, this

transit route has the potential to connect

•

• over 400,000 residents to major job hubs

•

• JayJay StSt MetroTechMetroTech Myrtle Ave Court St Court

Court St Court Jay St MetroTech from Sunset Park to Astoria, and could •

• CLINTON

Borough Hall Borough Borough Hall Borough • Jay St MetroTech

• Fort HILL generate over $25 billion in economic impact Borough Hall Borough Borough Hall Borough •Fulton St Greene Park to our City over the next 30 years. Livingston St Hoyt St • DeKalb Av Dekalb Ave • DeKalb Av

Hoyt - Schermerhorn•

• • • FultonFulton St St Lafayette Ave

Atlantic Ave ••

• • Nevins St Nevins St •• •

• NevinsNevins St St Lafayette Av

Bergen St St Bergen Bergen

Bergen St Bergen

Bergen St Bergen •

• •

Atlantic Av Barclays Ctr Ctr Barclays Barclays Av Av Atlantic Atlantic • •

• •

Atlantic Av Barclays Ctr Ctr Barclays Barclays Av Av Atlantic Atlantic • •

• •

Atlantic Av Barclays Ctr Ctr Barclays Barclays Av Av Atlantic Atlantic

Atlantic Av Barclays Ctr Barclays Av Atlantic

BOERUM HILL Ctr Barclays Av Atlantic

Atlantic Av Barclays Ctr Ctr Barclays Barclays Av Av Atlantic Atlantic

Bergen St • Bergen St

CARROLL PROSPECT GARDENS 4th Ave HEIGHTS

Figure 20: Subway + Bus Lines in Downtown Brooklyn Source: Downtown Brooklyn Partnership/Metropolitan Transportation Authority

52 53 54 Photos (Top, Bottom): Kate Milford (at right): Kate Milford 55 Restaurants + Bars The 16,000-square-foot space will see an outpost of noodle spot Mu Ramen; a counter After years of waiting by many hungry locals, from the team behind local favorite Mason Jar Downtown Brooklyn is finally taking its NYC; and three projects from Dinosaur Bar-B- rightful place on the borough’s culinary map. Que founder John Stage, including a Numerous establishments ranging from rotisserie-and-fried chicken establishment, trendy fast-casual to fine dining to hip new Flip Bird, and a pizzeria, Apizza Regionale. bars are setting up shop in the borough’s busiest neighborhood. Gregory’s Coffee, Right across the street in Dermot’s 66 be.good, Maison Kayser, and Dos Toros Rockwell, Rocca Bene will be one of the fall’s recently joined long-time establishments like most anticipated openings – a partnership of Queen and Tio Pio along the Court Street Matthew Maddie of American Construction Corridor. New neighborhood bar Livingston League, the team behind Crown Heights hit Manor was recently joined by Grand Army, a Mayfield, and cocktail wizard Kathryn project of culinary super stars Noah Weatherup. And of course, don’t forget the Bernamoff of Mile End Deli and Julian Brizzi pièce de résistance, City Point’s DeKalb of Rucola. Market Hall, one of the city’s largest food halls curated by Anna Castellani, founder of In the Brooklyn Cultural District, the Gotham Foragers Market in DUMBO. The space will Organization is set to open a Brooklyn eventually house 50 of Brooklyn and the outpost of its critically-acclaimed Gotham City’s best purveyors. Highlights include West Market in the base of its newest tower, Katz’s Delicatessen’s first outpost outside of The Ashland. Manhattan, a permanent location of Fulton Landing Seafood Company (one of the former Brooklyn Night Bazaar’s favorite spots), and Elmhurst's famed Arepa Lady. 56 Photo: Sasha Smolina Photography 57 58 All photos: Sasha Smolina Photography 59 Culture + Entertainment All told these 70 organizations comprise one of the City’s most culturally diverse The Brooklyn Cultural District continues its neighborhoods, where in 2013, combined rapid ascent and is quickly becoming one of economic output of these groups topped the city’s most important cultural corridors. $300 million and attracted more than 4.54.3 Overall, nearly 70 groups representing nearly million visitors. every art form operate within its confines. The core of the district is centered around the Bookending Downtown Brooklyn is one of the new developments surrounding the Brooklyn nation’s top performance venues at Barclays Academy of Music (BAM), which will soon see Center. This architectural gem has energized roughly 50,000 square feet of new cultural the entire area, not only bringing professional space that will be home to the BAM Karen, a sports back to Brooklyn but also hosting a new visual arts gallery for the Museum of wide range of events. Contemporary African Diasporan Arts (MoCADA), state of the art multi-purpose Just a few blocks away the same developer studios operated by 651 Arts, and a unique responsible for Barclays Center is working outpost of the Brooklyn Public Library. with LIU Brooklyn to revive the historic Paramount Theatre. This project will be a Culture, however, is deeply rooted throughout 2,000-seat popular music venue, filling a the entirety of Downtown Brooklyn with mid-size venue gap that exists in the area, venues and organizations ranging from Issue and expected to immediately draw many Project Room on Boerum Place to Page 76 types of acts given its proximity to numerous productions in 80 Hanson Place, an arts transit lines, residential development, and incubator run by the Downtown Brooklyn new hotels. Partnership.

60 Photo: BAM 61 Manhattan Bridge

Brooklyn Bridge Minus Space Minus

Minus Space Minus Smack Mellon Gallery East

St Ann’s Warehouse Ann’s St

St Ann’s Warehouse Ann’s St Rabbithole ProjectsAsian-American Arts Alliance • • •

• • River

• • Kent Ave • • • • A.I.R.VINEGAR Gallery

DUMBO • • Klompching Galleries Galleries Klompching

Klompching Galleries Galleries Klompching HILL NAVY In addition to great programming produced Designed in partnership with FANTÁSTICA, United Photo Industries Photo United

United Photo Industries Photo United • Creative Bloch • GAIA Gallery

DUMBO Arts Center Center DUMBO Arts DUMBO Arts • YARD New Brooklyn Theater by Barclays Center and the neighborhood’s more than 500,000 feet of lights are strung cultural groups, Downtown Brooklyn along geometric steel structures to make 35- Partnership’s marketing arm provides year- foot-wide overhead skylines, 5-foot 3D boxes, Flushing Ave BROOKLYN • Brooklyn Navy Yard Building 92 HEIGHTS round programming and supports countless and light pole designs. As Downtown

Tillary St BQE CadmanCadman Plaza Plaza E E other events in partnership with community Brooklyn’s residential and oﬃce populations organizations. continue to grow, we can expect to see even Brooklyn Historical Society • more new and exciting projects in the Myrtle Ave The Partnership’s signature event is the Make neighborhood. CLINTON Fort HILL It in Brooklyn Innovation Summit, designed

Fulton St Greene

Kumbe Theater for the Performing Arts Performing the for Theater Kumbe ISSUEISSUE ProjectProject RoomRoom Arts Performing the for Theater Kumbe

Park to bring together Brooklyn’s industry leaders

••

• • Livingston St • Brooklyn Youth Chorus BRICBRIC Studio Studio Dekalb Ave

NewNew YorkYork TransitTransit Museum Museum EmmanuelEmmanuel BaptistBaptist ChurchChurch JazzJazz VespersVespers

Urban Glass Urban Urban Glass Urban to strengthen the future of the borough’s BRIC Arts | Media House Arts | Media House BRIC BRIC

• 651651•• ARTSARTS // BAMBAM HarveyHarvey TheaterTheater

Brooklyn Ballet • • ••

• • • Lafayette Ave economy. The Summit consists of unique

Atlantic Ave

• IrondaleIrondale EnsembleEnsemble ProjectProject

•

• BrooklynBrooklyn Academy Academy ofof MusicMusic

Theater for a New Audience Audience New a for Theater • Audience New a for Theater talks, innovator show and tells, a local food

Brooklyn Music School •

InvisibleInvisible DogDog ArtArt CenterCenter Mark Morris Dance Group Dance Morris Mark Mark Morris Dance Group Dance Morris Mark • • • showcase, networking opportunities, and • 80 Arts - The James E. Davis Arts Center New Brooklyn Theater BAMBAM FisherFisher Bang on a Can pitch contests where the winners receive up • BOMB Magazine • A.R.T. South Oxford Space Creative Outlet

Encompass New Opera Theatre

Museum of Contemporary African Diasporan Art to $50,000. • • Modern Day Griot Theater New York Writers Coalition BOERUM HILL Nia Theatrical Production Co.

Shadow Box Theater • Gallim• DanceJack Dancewave

Dancewave Target Margin Theater The Civilians During the summer months, the Urban Bush Women White Bird Productions Partnership’s “Downtown Brooklyn Presents” series brings live music, ﬁlm, and dance to CARROLL PROSPECT GARDENS HEIGHTS the neighborhood’s vast network of public • Brooklyn Public Library plazas. And Downtown Brooklyn lights up Figure 21: Selected cultural institutions and organizations in the Downtown Brooklyn Community during the holiday season, thanks to one of Source: Downtown Brooklyn Partnership the most unique holiday lighting displays in the City. 62 63 64 Source: Downtown BrooklynSource: Partnership Figure 22:Economic ofDowntownBrooklyn CulturalInstitutions Impact impact onthenewyork cityeconomyeconomy. institutions have a$380million$308 downtown brooklyn’s cultural

Total Economic Impact $308M+

Performances Flatbush Ave Flatbush Flatbush Ave Flatbush Budget Operating Free Public Free 3K+ $171M+ Construction

In Brooklyn 50K

Children 80K Programs @ School In Schools 761

Fulton St St Fulton Fulton

Hanson Pl Hanson Pl $132M+

Ashland Pl Pl Ashland Ashland 8k ealFood+ Retail Nights Room Hotel 968k Tickets Free Lafayette Ave

$3M+ Visitors 4M+ Beverage Food+ Visitors International 200K

$1M+ Photos (Top, Bottom): BRIC; Sasha Smolina Photography 65 Education On the other end of Jay Street, New York City College of Technology is building a new Eleven of Brooklyn’s thirteen higher academic facility designed by Perkins education institutions can be found in Eastman. The 365,000-square-foot building Downtown Brooklyn, making the will feature classrooms, laboratories, study neighborhood a true college town. Together, spaces, and a theater, and construction on these colleges, universities, and a law school the $400 million facility is expected to be educate 60,000 students and employ 11,000 complete by the fall of 2018. faculty and staff and collectively have a $3 billion economic impact on the City. Equally as noteworthy as the physical investment made by academic institutions in Two institutions are investing significant Downtown Brooklyn, is the collaboration capital in new facilities in the neighborhood. among the higher education sector to create New York University’s Tandon School of opportunities for students, alumni, and Engineering is renovating the 500,000- faculty to connect to local industry. This square-foot former MTA building at 370 Jay effort is spearheaded by the Brooklyn Street into an innovation hub for engineering, Education Innovation Network (BE.IN), an applied sciences, and digital disciplines, academic consortium founded by the which will also serve as the future home of Downtown Brooklyn Partnership in 2015 to NYU’s Center for Urban Science and Progress serve as a local talent pipeline connecting and the university’s K-12 STEM education students to industry and community through programs. The new facility will open in the internships, jobs, events, and programming. fall of 2017. Since its incubation, BE.IN has successfully connected 1,170 local students with professional opportunities in the area.area.c

66 Photo: Sasha Smolina Photography 67 Manhattan Bridge

Brooklyn Bridge

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BROOKLYN

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Flushing Ave .in

Carnegie Mellon Integrative Media Program Program Media Media Integrative Integrative Mellon Mellon Carnegie Carnegie

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Cadman Plaza E Tillary St BQE recruitment agency. BE.IN is an integral part NYC College of Technology of the Downtown Brooklyn ecosystem • NYU Tandon School of Engineering connecting students and companies from St Francis College • Myrtle Ave across the globe with thriving opportunities

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CARROLL PROSPECT GARDENS HEIGHTS

230 Figure 23: Higher education institutions in Downtown Brooklyn Partner Companies Source: Downtown Brooklyn Partnership Talent Recruitment

Source: Brooklyn Education Innovation Network 68 69 MARKET REPORT Between 2009 and 2015, innovation Between and 2015, innovation 2009 in Brooklyn; in the employment grew 29.4% Triangle Tech the Brooklyn same period, DUMBO, Brooklyn, of Downtown consisting an experienced Brooklyn Navyand the Yard employment increase87% in innovation Tech in the firms innovation growth. Large and Mudder, Tough Etsy, include Triangle to home is Brooklyn Downtown while Huge, Chase, JPMorgan including companies major of million square feet 1.4 occupies which and Uniworld WeWork, Grid, National space; of Downtown all such, nearly Group. As 17 of office million squareBrooklyn’s feet resulting been absorbed, has low in a space This of 3.0%. rate vacancy commercial office lower than other major is significantly rate Manhattan including Lower areas in the City, and South at 4.6%, at 8.9%, Midtown at 7.1%. Manhattan Midtown

20% 15 Oﬃce Pipeline Pipeline 3 Completed Completed Construction 10 2

• • • 67%

13%

There has never been a better time to locate a locate Therebetter time to been a never has Brooklyn. The demand in Downtown company driven high is at an all-time space office for and creative primarily by innovative cluster with other like- to businesses looking the areaminded firms in – a trend that has years. been intensifying the last several over Commercial Office Commercial MARKET REPORT MARKET 71

Sasha Smolina Photography Bottom): Sasha Photos (Top,

̣ ̣ Each Icon Represents 1000 Units People 1000 1000 Represents Represents Icon Icon Each Each

million million

$16.5 $16.5 $16.5 State + Local + Local + Local State State Sales Tax Revenue Revenue Tax Tax Sales Sales 10K 10K DirectDirect Employment Employment

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Total Students Students Total Total Impact Impact Higher Education Institutions Higher Education Institutions of Downtown Brooklyn of Downtown Brooklyn Figure 24: Figure 24: Network Network Innovation Innovation Education Education Source:Source: Brooklyn Brooklyn 60K 60K Awarded in Financial Aid in Financial Awarded Awarded in Financial Aid in Financial Awarded 70 Parks + Public Space Plans are now underway for the next open space development in the heart of Downtown Today, more than half of the world’s Brooklyn, the one-acre Willoughby Square population is now living in urban areas, a Park, adjacent to the City Point retail number that is expected to grow significantly development, existing and upcoming office in the future. This increase in urban density space, and a half a block from the Fulton highlights the importance of parks and public Mall. Led by the City of New York, this park space, and Downtown Brooklyn is at the will sit atop an innovative 700-car center of new and transformative open space underground parking facility and is sure to be projects in the borough. a hot spot for the business community, residents, and shoppers alike. Public The newest addition to Brooklyn’s park investments are also being made to smaller ecosystem is the borough’s crown jewel at spaces throughout the neighborhood, Brooklyn Bridge Park, spanning 85 acres along including BAM Park and Fox Square. the East River waterfront and serving as a gateway to Brooklyn. Opened in 2010, Downtown Brooklyn also benefits from the Brooklyn Bridge Park draws four million additional beautification and management of annual visits from residents and New York 1.1 million square feet of public space by the City tourists to more than 500 cultural, Downtown Brooklyn Partnership. Year-round educational, and recreational events. planting and cleaning services help to make Downtown Brooklyn a truly welcoming neighborhood to locate a corporate headquarters, live, or visit.

72 Photo: Sasha Smolina Photography 73 It’s all here in Downtown Brooklyn

The “secret” is out about Downtown Brooklyn. The neighborhood is a thriving 24/7 destination with a plethora of attributes that highlight its place as a premier downtown in the nation. Downtown Brooklyn is:

• A diverse community home to 22,000 residents expected to grow to 50,000 by 2025; • Located within the Brooklyn Tech Triangle that supports over 17,000 jobs and 1,400 innovation companies; • A neighborhood with several million square feet of public space and year-round programming; • A 17 million-square-foot oﬃce market with 2 million square feet in the construction and planning phases ready to accommodate a corporate headquarters; • A college town with 11 higher education institutions that educate 60,000 students and an academic consortium connecting industry to a world-class talent pipeline; • Home to 70 cultural institutions operating in dynamic arts venues of all sizes and one of the top-performing venues in the country at Barclays Center.

So if you are looking for an exciting, word class, and unique 21st-century downtown to live, work, visit, or invest, it’s all here in Downtown Brooklyn.

Come join us and be a part of the evolving story.

Welcome to Downtown Brooklyn.

74 Photos (Top, Bottom): Sasha Smolina Photography 75 EXPERIENCE BROOKLYN AT ITS BEST

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engineering.nyu.edu

AVALON WILLOUGHBY SQUARE AVA DOBRO 214 Duffield Street, Brooklyn, NY 11201 • AvalonWilloughbySquare.com 100 Willoughby Street, Brooklyn, NY 11201 • AVADoBro.com Not all public spaces are created equal.

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PLANNING wxystudio.com what’s up downtown downtownDBP brooklyn? nd ot nd ot FANTÁSTICA downtownbrooklyn.com fantastica.is Photo: Bethany Bowyer

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