Rents are averaging $350 per square foot! Wow. That explains all the beautiful, shiny, Kinfolk aliens inhabiting the area.
Asking rents on of the northern section of Bedford Avenue in the Williamsburg neighborhood in Brooklyn led the 15 corridors featured in the Real Estate Board of New York’s first-ever retail report focused on the borough. The average asking rent along Bedford Avenue between Grand and North 12th Streets, one of the bustling thoroughfares in the neighborhood, was $347 per square foot in the third quarter of 2015.
The asking rents along Bedford Avenue ranged from $200 per square foot to $500 per square foot, according to the report. At roughly $350 per square foot, those asking rents were “pretty comparable to Manhattan rates currently in some areas,” according to Nicole Liebman of Cushman & Wakefield and a member of the advisory group for the report.
The gentrified neighborhood has been a draw for national, high-end retailers such as J.Crew, which is located two blocks off of Bedford Avenue at 234 Wythe Avenue, as well as Apple, which has long been rumored to be opening at 247 Bedford Avenue.
The closest average outside of Williamsburg? Montague Street from Hicks Street to Cadman Plaza in Downtown Brooklyn, which had an average asking rent of $300 per square foot.