What We Heard: Future of Brooklyn

RDM was in attendance at Bisnow's 2nd Annual Future of Brooklyn event.  The event brought together the top real estate figures of who spoke about one of the hottest and fastest growing markets.

The panel included professionals from Invesco, Jamestown Properties, Acadia Realty Trust and Midtown Equities, with opening remarks by Brooklyn Borough President Marty Markowitz.

These are some of the nuggets of information shared:

Jack Cayre (Midtown Equities) - Some of the most exciting projects in NYC are happening in Brooklyn (i.e., Atlantic Yards, Brooklyn Bridge Park, and Domino Sugar Factory).

Todd Bassen (Invesco) - Is convinced that the Barclay Center is a huge success and will be a catalyst for further development.

David Behin (MNS) - The story around Atlantic yards is just starting. There's a definite need for more entertainment options before and after games.

Benjamin Tapper (Eastern Consolidated) - Thinks additional infrastructure needs to be put in in order to keep up with the population growth in Brooklyn.

Jason Muss (Muss Development) - Because there's no major highway cutting through Brooklyn the neighborhoods will continue to grow organically.

Ofer Cohen (TerraCRG) - Brooklyn is no longer a low cost alternative to Manhattan. It's a place people want to be.  10 years ago people would choose where to live in Brooklyn based off of how easily they can commute into Manhattan.  Today it’s a different story as many are now living and working in Brooklyn. 

Mitchell Korbey (Herrick Feinstein) - There's not enough retail in Brooklyn to support population growth.

Brooklyn doesn't need an Apple Store to be cool.

Cayre - feels new mayor needs to work with business community in order to sustain Bloomberg's business growth.

Bassen - Increased taxation will push business away from New York City.  Concerned that new mayor may increase union labor in the city, which could increase project costs by ~20% -- might affect developers decisions on whether to build in NYC or not. 

Muss - Is against historic districts, they're problematic because they're  not conducive for growth. Landmark status instead should look at one building a time.

Marty - (his future advice for Brooklyn) -- don't let any company leave the area. Need to create more low cost spaces for start ups (implement a sliding scale for rent). Need more incubators to keep up entrepreneurial spirit alive and well. Don't price out middle class families. Bring manufacturing back to Brooklyn because we can't live solely on service. Brooklyn would benefit from a professional soccer team.