INTRODUCTION

CPEX Real Estate is pleased to present our sev-

Considering the dynamics of the New York Retail Market and the

enth annual Brooklyn Retail Report, a comprehen-

overall economic conditions, these pricing levels are not only subject

sive survey of the primary, secondary, and tertiary

to change, but will most likely fluctuate as various market conditions,

retail corridors throughout the borough.

supply, demand, as well as economic indicators change from quarter

to quarter. While the actual pricing levels may change in the coming

After an 80% increase in the number of notable re-

months, this report can be an important tool for leasing comparisons,

tail corridors from 2013 to 2015, our 2016 Brooklyn

for calculating percent changes across neighborhoods and boroughs,

Retail Report found that Brooklyn retail has broken

and for quantifying Net Operating Income levels in estimating cap

into the top ten nationally in terms of pricing (ex-

rates and performing property valuations. This report can assist prop-

cluding New York, New York as an outlier in the

erty owners and business owners with a current and up-to-date syn-

national retail market). With retailers flocking to al-

opsis of their market place.

ready established corridors this past year, pricing

in prevalent retail areas such as the Fulton Street
Mall and Bedford Avenue has increased dramatically. As a result, Brooklyn retail has reached levels on
par with the top retail destinations in Chicago, San
Francisco, and Miami. With retailers like Saks Off
Fifth, Wegmans, and Nike (among others) entering
the Brooklyn market, this outer borough continues its emergence on the national retail scene.
The 2016 CPEX Brooklyn Retail Report is compiled
by the CPEX Brooklyn Retail Leasing Team, with
assistance from our research and graphics departments. Careful attention has been paid to summarize the current market conditions. The pricing for

For retail landlords and tenants with specific site analysis require-

each corridor provided is an estimate and a snap-

ments, please note that each and every property provides unique

shot of the current period, based on the data col-

characteristics which affect its potential lease pricing levels. Char-

lected from internal and external sources, includ-

acteristics such as location, build-out, neighboring tenants, available

ing: CPEX completed transactions, market reports

transportation, street conditions, residential density, traffic, etc., all

from our in-house research studies, and various

have an important impact on contracted leasing rates. As the eco-

data resources (Brownstoner.com; City-Data; City-

nomic market impacts the retail industry, we at CPEX will continue to

Realty; Commercial Observer; Cushman & Wake-

monitor such changes and make them available to our clients. Please

field; Downtown Brooklyn Partnership; NYC MTA;

call us if you have any questions regarding this report, if you require

New York Daily News; StreetEasy; The Real Deal;

further information pertaining to your real estate or business, or if you

U.S. Census Bureau; and the Wall Street Journal).

are interested in any retail opportunities we currently have available.

The CPEX Brooklyn Retail Leasing Team

Timothy D. King
Managing Partner
tking@cpexre.com
(718) 687-4210

Ryan Condren
Managing Director
rcondren@cpexre.com
(718) 687-4212

George Danut
Associate Director
gdanut@cpexre.com
(718) 687-4220

Keat Chew
Associate
kchew@cpexre.com
(718) 687-4209
WWW.CPEXRE.COM

2016 BROOKLYN RETAIL CORRIDOR MAP

Retail Density
34 corridors in
2.69 square miles

Highlighted
Neighborhoods

2X
ZOOM

92

83

90

118

49

notable corridors

concentrated

11

in just 3.7%

71 land area
15
24

42

113

34 Corridors from $50 - $64 PSF

$65 - $79 PSF

18 Corridors from $65 - $79 PSF

$80 - $99 PSF

14 Corridors from $80 - $99 PSF

$100 - $149 PSF

8 Corridors from $100 - $149 PSF

$150 - $199 PSF

3 Corridors from $150 - $199 PSF

$200 - $250 PSF

$250 - $300 PSF

1 Corridor from $200 - $250 PSF

$300+ PSF

1 Corridor from $250 - $300 PSF

1 Corridor from $300+ PSF

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100
44

77

106
97

65

105

99
104
66

27

26

23

67

84

32
98

107

Total Corridors Per Price Range

41 Corridors from $35 - $49 PSF

101

64

2016 RETAIL CORRIDORS

$50 - $64 PSF

112

22

28

$35 - $49 PSF

58

31

21

25

PPSF Range

103

43

47
1

85

63

48

20

120

119

86

17

41

18

68

39

116

102

13

square mile

55

91

50 29 73
54
30 60
51
34
61 74
2
108
4
75
52
7
56
76
8
109
111
115 45
9 62
5
69
3
117
10 15
95
70 96
19 16
6
12

of Brooklyns

40

80

79

82

114

78

89

81

72

28%
of Brooklyns

94

36 33
57

35 110

38

46

88

121

93

Boerum Hill
Brooklyn Heights
Carroll Gardens
Cobble Hill
Downtown Brooklyn
Gowanus
Park Slope

87

71

53

59
37

Brooklyns Michelin-starred restaurants

have tripled in number since 2014

BAY
JAMAICA

2016 BROOKLYN RETAIL CORRIDORS

1

3rd Ave

Bay Ridge Ave

97th Street

61

Flatbush Ave

Atlantic Ave

St. Marks Ave

3rd Ave

Atlantic Ave

Union St

62

Flatbush Ave

St. Marks Ave

8th Ave

3rd Ave

Union St

Prospect Ave

63

Flatbush Ave

Empire Blvd

Parkside Ave

4th Ave

Atlantic Ave

Sackett St

64

Flatbush Ave

Linden Blvd

Cortelyou Rd

4th Ave

Sackett St

6th St

65

Flatbush Ave - The Junction

Foster Ave

Avenue I

4th Ave

6th St

18th St

66

Flatbush Ave

Avenue L

Avenue P

5th Ave

Flatbush Ave

Bergen Street

67

Flatbush Ave

Avenue R

Avenue V

5th Ave

Bergen Street

Berkeley St/Sackett St

68

Flushing Avenue

Wilson Ave

Wyckoff Ave

5th Ave

Berkeley St/Sackett St

3rd St

69

Franklin Ave

St. Marks Ave

St. Johns Pl

10

5th Ave

3rd St

12th St

70

Franklin Ave

St. Johns Pl

Eastern Pkwy

11

5th Ave

12th St

16th St

71

Franklin St

Eagle St

Milton St

12

5th Ave

17th St

23rd St

72

Front/Water/Plymouth/Jay St

13

5th Ave

47th St

54th St

73

Fulton Street Mall

Adams St

Flatbush Avenue

14

5th Ave

Senator St

97th Street

74

Fulton St

Flatbush Ave

Washington Ave

15

7th Ave

Lincoln Pl

1st St

75

Fulton St

Washington Ave

Bedford Ave

16

7th Ave

1st St

9th St

76

Fulton St

Bedford Ave

Brooklyn Ave

17

7th Ave

9th St

16th St

77

Gateway Center

18

8th Ave

53rd St

61st St

78

Graham Ave

Skillman Ave

Grand St

19

9th St

4th Ave

6th Ave

79

Graham Ave

Boerum St

Flushing Ave

20

13th Ave

44th St

49th St

80

Grand St

Kent Ave

Bushwick Ave

21

13th Ave

75th St

82nd St

81

Havemeyer St

Grand St

Broadway

22

18th Ave

61st St

Bay Ridge Pkwy

82

Henry St

Middagh St

Clark Street

23

86th St

23rd Ave

Stillwell Ave

83

Kent Ave

North 7th St

North 3rd St

24

86th St

4th Ave

Fort Hamilton Pkwy

84

Kings Highway

Coney Island Ave

East 17th St

25

86th St

18th Ave

20th Ave

85

Knickerbocker Ave

DeKalb Ave

Menahan St

26

86th St

Bay Pkwy

23rd Ave

86

Lewis Avenue

Hancock St

Fulton St

27

86th St (East Side)

20th Ave

Bay Pkwy

87

Manhattan Ave

Freeman St

Greenpoint Ave

28

86th St (West Side)

20th Ave

Bay Pkwy

88

Manhattan Ave

Greenpoint Ave

Nassau Ave

29

Atlantic Ave

Clinton St

Smith St

89

Metropolitan Ave

Berry St

Graham Ave

30

Atlantic Ave

Smith St

4th Ave

90

Montague St

Hicks St

Court St

31

Avenue J

Coney Island Ave

East 15th St

91

Myrtle Ave

Carlton Ave

Steuben St

32

Avenue U

Coney Island Ave

Haring St

92

North 6th St

Kent Ave

Bedford Ave

33

Bedford Ave

North 8th St

North 3rd St

93

North 4th St

Kent Ave

Bedford Ave

34

Bedford Ave

Metropolitan Ave

South 5th St

94

Nassau Ave

Dobbin St

Russell St

35

Bedford Ave

DeKalb Ave

Fulton Street

95

Nostrand Ave

St. Marks Ave

Eastern Pkwy

36

Berry St

North 8th St

North 3rd St

96

Nostrand Ave

Eastern Pkwy

Empire Blvd

37

Brighton Beach Ave

Brighton 4th St

Coney Island Ave

97

Nostrand Ave

Avenue D

Foster Ave

38

Broadway

Kent Ave

Roebling St

98

Nostrand Ave

Avenue T

Belt Pkwy

39

Broadway

Flushing Ave

Park St

99

Nostrand Ave - The Junction

Farragut Rd

Avenue I

40

Bushwick Avenue

Metropolitan Ave

Johnson Ave

100

Pennsylvania Ave

Linden Blvd

Flatlands Ave

41

Church Ave

East 7th St

Argyle Rd

101

Pitkin Ave

East New York Ave

Mother Gaston Blvd

42

Church Ave

Buckingham Rd

Ocean Ave

102

Prospect Park West

15th St

17th St

43

Church Ave

Ocean Ave

Bedford Ave

103

Ralph Ave

Broadway

Decatur St

44

Church Ave

East 49th St

East 53rd St

104

Ralph Ave

Flatlands Ave

Avenue K

45

Classon Ave

Atlantic Ave

Eastern Pkwy

105

Rockaway Pkwy

Farragut Rd

Flatlands Ave

46

Columbia St

DeGraw St

President St

106

Rockaway Pkwy

Seaview Ave

Belt Pkwy

47

Coney Island Ave

Avenue J

Cortelyou Rd

107

Sheepshead Bay Rd

Avenue Z

Voorhies Ave

48

Cortelyou Rd

Coney Island Ave

East 16th St

108

Smith St

Atlantic Ave

Union St

49

Court St

Montague St

Atlantic Ave

109

Smith St

Union St

2nd Pl

50

Court St

Atlantic Ave

Bergen St

110

Union Ave

Metropolitan Ave

Grand St

51

Court St

Bergen St

Baltic St

111

Union St

Nevins St

4th Ave

52

Court St

Baltic St

4th Pl

112

Utica Ave

St. Johns Pl

Union St

53

Cropsey Ave

Belt Pkwy

Neptune Ave

113

Utica Ave

Linden Blvd

Snyder Ave

54

Dekalb Ave

Cumberland St

Clinton Ave

114

Van Brunt St

Commerce St

Reed St

55

Dekalb Ave

Flatbush Ave

Fort Greene Pl

115

Vanderbilt Ave

Atlantic Ave

Park Pl

56

Douglass St

Nevins St

4th Ave

116

Washington Ave

Flushing Ave

Park Ave

57

Driggs Avenue

North 11th St

Grand St

117

Washington Ave

Pacific St

Eastern Pkwy

58

Eastern Pkwy

Schenectady Ave

Utica Ave

118

Willoughby St

Boerum Pl

Flatbush Ave

59

Emmons Ave

Nostrand Ave

Ocean Ave

119

Wilson Ave

Flushing Ave

Dekalb Ave

60

Flatbush Ave

Willoughby St

Livingston St

120

Wyckoff Ave

Flushing Ave

Myrtle Ave

121

Wythe Ave

North 12th St

North 3rd St

BROOKLYN VS. USA

*Excluding New York, New York

LA SF CHI BK MIA DC
From Brooklyn to Dakota:

3 of top 10 U.S. retail corridors are in Brooklyn

Jay-Z has rapped about his fame from Brooklyn to Dakota. Brooklyn retail? Also ranks among the best, from coast to coast.
*Excluding New York, New York

Rent as of June
2015 (PPSF)

Los Angeles

Rodeo Drive (Beverly Hills)

$800

San Francisco

Union Square

$650

Chicago

North Michigan Avenue

$525

San Francisco

Post Street

$495

City

Location

55

Brooklyn
Brooklyn

Chicago

East Oak Street

$340

Miami

Lincoln Road

$325

88
9
1010

Brooklyn
Brooklyn
Washington, D.C.
Brooklyn
Brooklyn

Williamsburg: Bedford
Bedford Avenue (North
Williamsburg:
(North 8th
8th St
St --Metropolitan
MetropolitanAve)
Ave)

Downtown Brooklyn: Fulton Street Mall (Adams St - Flatbush Ave)

Penn Quarter
Downtown Brooklyn: Court Street (Montague St - Atlantic Ave)

$350
$350

$250
$250
$220
$200
$200

Brooklyns 2.6M residents

would form Americas
4th most populous city

BROOKLYN WELCOMED IN 2015:

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THE MORE THINGS CHANGE,

THE MORE THEY STAY THE SAME
Five Neighborhoods Undergoing Residential
Growth While Retail Rents Stay Status Quo
With an influx of new housing options and residents
over the past decade, several neighborhoods have, in
recent years, surged in popularity (not to mention pricing) and are slowly forging a new identity. As expected,
and as any retail connoisseur will vouch, the tenant mix
has also changed or is in the process of doing so as
retailers seek to be part of the transformation of these
communities. However, even as more and more farm
to table eateries, chic cafes, boutique storefronts, and

fitness concepts offer new amenities along Manhattan

Avenue in Greenpoint or on Park Slopes 5th Avenue,
the average price per square foot remains constant. Indeed, the main change is in the profile of the retailer,
not the tenants rental rates. Rather than undergoing a
complete retail reinvention in conjunction with the rapid residential growth, these corridors that are and have
been established retail destinations are experiencing a
simple retail reshuffling.

1 2 3
4 5
Bed-Stuy

Park Slope

(Washington Avenue to Brooklyn Avenue)

(9th Street to 16th Street)

Greenpoint

Manhattan Avenue

(Freeman Street to Nassau Avenue)

Fulton Street

Cobble/Boerum Hill

5th Avenue

Bushwick

Atlantic Avenue

Knickerbocker Avenue

(Clinton Street to 4th Avenue)

(DeKalb Avenue to Menahan Street)

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NOTABLE CORRIDORS

Montague Street (Court St. to Hicks St.)

Although it is home to nine banks in the one block
stretch between Court and Clinton Streets, Montague Street offers plenty of variety of retail options. The street was the first Brooklyn stop for
tenants such as Banana Republic, Ann Taylor Loft,
Le Pain Quotidien and MAC Cosmetics, and it continues to thrive and attract retailers such as Kiehls
and popular Manhattan brunch eatery Friend of a
Farmer. In addition, the reopening of the historic
279-room Hotel Bossert is expected to further enhance the retail and restaurant revenues on this
notable Brooklyn corridor.

Bossert Hotel - 98 Montague Street

Flatbush Avenue (Atlantic Ave. to 8th Ave.)

Adidas, Shake Shack, Doughnut Plant and Parm
are some of the operators that set up shop on this
corridor recently in order to take advantage of
the Barclays Center crowds. But Flatbush Avenue
is more than just a landing spot for sports fans or
concert goers. BKLYN Larder, Morgans BBQ, and
Frannys are well-established operations that cater
mainly to the Park Slope and Prospect Park communities in addition to the rest of Brooklyn. As if
thats not enough, popular Brooklyn grocer Union
Market and SoulCycle have also recently signed
leases on the corridor.

2015 LEASES

The Flatbush Junction

The remarkable success of the Triangle Junction
with one of the countrys largest Target stores,
Home Goods, Mens Wearhouse, and Davids Bridal,
among many other regional and national retailers,
has enticed an international brand such as Nike to
open its flagship store in this already established
retail destination. Along with its proximity to the
2 and 5 subway lines, the overall growth and proposed expansion of Brooklyn College with its
18,000 students, faculty, and staff will only further
enhance the appeal of this retail hub.
Nikes first Brooklyn location - 2236 Nostrand Avenue

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DEVELOPING CORRIDORS

4th Avenue

(Sackett St. to 9th St.)

With a flurry of new development projects, 4th

Avenue has also seen an influx of new retail tenants looking to capitalize on the transforming
corridor. Blink Fitness, Gymboree, UFC Gym,
and Red Wing all opened shop on 4th Avenue,
and the CPEX Brooklyn Retail Leasing Team negotiated a lease with Brooklyn Drones Inc., the
first drone retailer in all of New York City.

Grand Street

Rendering of 275 4th Avenue

(Kent Ave. to Marcy Ave.)

This section of Grand Street in Williamsburg already had an eclectic mix of retail options, anchored by the St. Mazie Bar & Supper Club at its
eastern end and Devocin at the opposite end. The
corridor is also home to Williamsburg Cinemas,
Bozu, Slat + Charcoal, Cucina and Tavola, and the
popular Brooklyn Running Co. In 2015, it solidified
its status as a nicely curated retail destination with
new tenants Rudys Barbershop, The Bellows Bar
& Kitchen, and The Four Horsemen, among others.

TWENTY+
LEASES IN

2014 & 2015

Vanderbilt Avenue (Atlantic Ave. to Park Pl.)

Already an established neighborhood retail corridor with popular foodie destinations such as The
Vanderbilt, Milk Bar, and the original Ample Hills
Creamery, it has recently added culinary options
such as Cooklyn, The Little Cupcake Bakeshop,
and trendy Chuko Ramen and its sister operation Bar Chuko located across the street. With
Pacific Park and its over 6,000 new residential
units set to open soon, Vanderbilt Avenue will
only continue its growth as one of Brooklyns
go-to retail corridors.
Rendering of Pacific Park

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THE CPEX BROOKLYN

RETAIL LEASING TEAM

Timothy D. King

Ryan Condren

George Danut

Keat Chew

Managing Partner

Managing Director

Associate Director

Associate

Timothy D. King aligned with

partner Brian Leary to found
CPEX in 2008. In his role as
Managing Partner, Mr. King coheads the firms business line
divisions and business development. During his forty-plus
years in the real estate industry, he has been instrumental
in attracting numerous national
retailers to the outer boroughs.
This includes Brooklyns largest
retail lease of 2014, in which
Bed Bath & Beyond and three
of its subsidiaries committed
to over 100,000 square feet at
850 3rd Avenue in Sunset Park,
and the first outer borough location for Saks OFF 5TH, also
at 850 3rd Avenue. Under his
direction, the Brooklyn Retail
Leasing Team has become a
powerhouse of performance
and the firm of choice for landlords, tenants, and tenant representation brokers.

Ryan Condren is the Managing

Director of the Brooklyn Retail
Leasing Team, having joined
CPEX as an Associate Director
in 2008. His achievements in retail leasing have gained him recognition as an Emerging Leader
in Retail by Real Estate Forum
magazine and a three-time CoStar Power Broker (2011, 2012,
2014). He has also been honored
by the Home Reporter and the
Brooklyn Spectator as a recipient of the 2012 Brooklyn Rising
Stars Award. With Condren as
one of its leaders, the Brooklyn
Retail Leasing Team has been
responsible for the completion
of over 100 lease transactions
totaling more than 550,000
square feet of retail space with
an aggregate lease value of over
$450 million. In the course of his
career, Condren has worked
with an impressive collection
of landlords, developers, and
institutions in achieving their
retail leasing objectives, including Jamestown Properties, the
Lefrak Organization, the Naftali
Group, Rockrose, the Quinlan
Group, and Hidrock Realty.

George Danut has been a part

of the CPEX Brooklyn Retail
Leasing Team since September
2012. As an Associate Director,
he supports the Retail Leasing
Team by valuating leases, providing market research, preparing marketing packages, and executing the lease of properties.
Danut has assisted in the lease
of over 60 retail spaces with
such notable tenants as Bed
Bath & Beyond, Harbor Freight,
LePort Schools, Gymboree Play
& Music, Bar Method, and Benefit Cosmetics. Danut received
his Bachelor of Arts in Political
Science from Columbia University in 2009. He was a member
of the Columbia University Economics Society and the Columbia University Romanian Club.
Danut currently resides in the
Park Slope section of Brooklyn.
He is fluent in Romanian.

Keat Chew joined the Brooklyn

Retail Leasing Team in May 2015.
Raised in a Malaysian household,
he speaks Mandarin, Cantonese,
and Hakka to bring Chinese fluency to the company. Prior to
joining the team, Chew was an
Associate on the Mixed-Use Investment Sales Team, following his completion of the CPEX
Sales Training Program in 2014.
During his time with the MixedUse Team, he completed nine
transactions totaling more than
90,000 square feet, with an aggregate sales value of over $35
million. In the past year, Chew
was actively involved in over 10
leases with tenants such as Saks
OFF 5TH, Marine Layer, and
iLoveKickboxing. Chew graduated from Lehigh University with a
Bachelor of Science in Business
and Economics, having majored
in Finance and Business Information Systems with a concentration on real estate and engineering. As an undergraduate,
he co-founded the Psi chapter of
the Chi Phi Fraternity.

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NOTABLE TRANSACTIONS
Completed by the CPEX Retail Leasing Team

850 3rd Avenue

850 3rd Avenue

666 Greenwich Street

195 Berry Street

365 4th Avenue

257-267 Pacific Street

341 Eastern Parkway

240 Atlantic Avenue

125 5th Avenue

168 Court Street

71 Hoyt Street

1 Brooklyn Bridge

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PREPARED BY THE CPEX BROOKLYN RETAIL LEASING TEAM

81 WILLOUGHBY STREET, 8TH FLOOR | BROOKLYN, NY | 11201 | 718.935.1800
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