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.



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The (New) New York

In a matter of years New York City’s skyline and its surrounding borough’s will be transformed in ways we can only continue to imagine. Some projects that have already begun and are almost near completion, like WTC 1, have already started to transform the city, while others, such as the Domino Sugar Factory, are still left to the imagination.

Here’s an overview of some of the happenings coming our way and how we can imagine they will look:

Skyline w/1WTC

Ground Zero has been re-established, Tower 1 is almost complete (the cherry on top, the sphere, was recently installed) and construction is underway on the Santiago Calatrava WTC PATH hub.  In addition, a new social and cultural center for downtown should happen at South Street Seaport where major renovations are being done to redesign the area. The lower east portion of downtown is also being dubbed the new family neighborhood.  The last Economic Development Corporation president, Andrew Alper, recently said: “Lower Manhattan is the fastest-growing residential area in the city right now.”

Calatrava Transit Hub

 Last summer Two Trees bought the Domino Sugar Factory site in Williamsburg to redevelop it into a mixed used master-plan community filled with parks, residential and commercial space. The project is currently considered the most prolific waterfront opportunity in Brooklyn. Two Trees plans to break ground as early as 2014.

Domino Sugar Factory Site

Downtown Brooklyn will also get soaring new developments in the form of 388 Bridge Street and Avalon Willoughby West. Both are set to be Brooklyn’s tallest buildings at 590 feet and 596 feet respectively, these two additions will undoubtedly add further definition to the community.

388 Bridge Street

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What We Learned from Bisnow's Future of Brooklyn Event

Earlier today, RDM attended Bisnow’s Future of Brooklyn event at the Brooklyn Bridge Marriot.  There were over six hundred attendees (the largest Bisnow event we’ve ever attended), two panels that consisted of representatives from such companies as Toll Brothers, Forest City Ratner, and Massey Knakal, and a keynote address from Marty Markowitz – Borough President.

Provided for you are some of the nuggets we took away from the event:

- Brooklyn is now its own entity/brand (i.e., the Brooklyn Nets)

- It’s no longer manufacturing centric but filled with creative, artsy people

- It’s now considered a live, work, and play center, including a place for families to stay

- Lower density is a big draw (people can ride their bikes to work and enjoy multiple parks)

- Two biggest generational projects at this time are Atlantic Yards and Brooklyn Bridge Park

- Atlantic Yards will begin construction of tallest modular residential housing complex in the world this December; 50% will be deemed affordable

- Pricing for residential units is going up which is being caused by a shrinking supply

- Brooklyn needs better tax abatement policies in order to spur growth for residential housing - zoning policies are considered good

- There needs to be more connectivity between areas (i.e., walking paths, trolley cars, buses) to generate more growth

- There’s currently 500 tech companies in Brooklyn tech triangle, there’s potential for huge growth

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