The condominium market in the neighborhood, however, is seeing a slowdown. Many Brooklyn neighborhoods, he said, “are at the highest price points they’ve ever been.” Average monthly rent for a Bed-Stuy one-bedroom swung from $2,358 in March 2020 to a low of $2,059 in January 2021, and hit a recent high of $2,834 in August 2022, MNS rental data shows. He estimated that Bed-Stuy rents were about 15 percent higher than they were pre-pandemic. And now there’s great retail coming into the area.” It always had great roots, great history and a great makeup. “But now Bed-Stuy is a destination, it’s desirable. “We’ve been working in the area for 20 or so years, and what I can tell you is that if properties were close to, we used to push it more towards Clinton Hill,” said Andrew Barrocas, CEO of residential brokerage MNS. Residential rents have risen dramatically, too, over the past few years, even with the overall decline in rents that the pandemic brought on. Photo: Katherine Marks/for Commercial Observer ” Flexer added that these days she’s seeing a lot of interest in Bed-Stuy retail from accountants, banks and financial advisers. So it’s a no-brainer when you see these national. There’s lots of foot traffic, there’s lots of people that live there. ![]() “Now that corridor between Franklin and Nostrand on Fulton is so hot. “Back when I started in Bed-Stuy in 2015, we were eager to get $50 a square foot,” said Flexer. Asking rents for retail space in the neighborhood range from $40 to $90 a square foot, with new buildings like 11 Fulton at the higher end of that range, according to Cushman & Wakefield retail broker Mitzi Flexer. Retail rents have risen accordingly, sparking concerns that small, local businesses will be pushed out by landlords who think they can get higher prices. They’ll join a third national chain, Blink Fitness, along with boutique local grocer Lincoln Market. Bond Vet, a fast-growing veterinary chain with outposts in New York, Boston and D.C., recently leased space one block west at 1134 Fulton, another new apartment building at the corner of Franklin Avenue and Fulton. Chipotle, too, is opening on the ground floor of the building at 1190 Fulton. Shake Shack announced plans in January to open at the corner of Bedford Avenue and Fulton Street, where a new residential building replaced a discount store during the pandemic. National retailers have increasingly flocked to Fulton between Classon and Nostrand avenues in recent years. The evolution of Fulton Street, another main drag in the Brooklyn neighborhood, has followed a different but related path. He told the magazine that he wanted it to feel like a buka, which is a casual, hole-in-the-wall-style Nigerian eatery. ![]() ![]() Chef-owner Ayo Balogun does all the cooking himself, The New Yorker reported last year, with the help of a hostess-waitress and a dishwasher. With 16 seats, one large table and a bring-your-own liquor policy, it’s both of the neighborhood - unassuming, relaxed, West African - and somewhat high end, with its $97-a-head four-course tasting menu and limited reservations released in seven two-hour blocks. The Nigerian restaurant is Dept of Culture, a nondescript storefront at 327 Nostrand Avenue, between Lexington Avenue and Quincy Street. Hotel Investment Sales Drop in First Quarter as Buyers Wait Out Uncertainty
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