Doing Business On Fulton Street Costs 20 Percent More Than It Did A Year Ago, Report Finds

BROOKLYN HEIGHTS, BROOKLYN — Rents for businesses on Fulton Street jumped by 20 percent in 2017, according to numbers from a recent neighborhood real estate report. The median asking price for ground-floor space between Boerum Place and Flatbush Avenuenow $365-a-square-foot.

That's a rise from $301 in the psat year, the Real Estate Board of New York reported this week.

The report credited the rise in prices to new residential complexes being built in the area and a spillover from the City Point region where Target, Century 21 and the Alamo Drafthouse Cinema have opened and a new outpost of Trader Joe’s is expected.

"Deals in this corridor have been moving at a brisk pace" the report says about the Fulton Street corridor.

“Our Brooklyn Retail Report Advisory Group sees the City Point project shifting the core of the Fulton Mall corridor east, closer to the project and its symbiotic opportunities.”

Montague Street did not experience the same uptick — ground-floor retail rents rose from $188 last year to $190 in the summer of 2016, but dropped back to $188, the data shows.

The Real Estate Board identified 15 prime retail corridors in Brooklyn neighborhoods including Brooklyn Heights, Park Slope, Cobble Hill, and Downtown Brooklyn.

You can read the report in full here.

Image: Fulton Street in October 2014, via Google Streetview