myrtle avenue monthly real estate report · 2017. 4. 10. · 10 myrtle avenue monthly real estate...

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Myrtle Avenue Monthly Real Estate Report

Myrtle Avenue’s Median Asking Rent is $75/sf, and Median Actual Retail Rent is $56/sq ft, based on lease data collected from 56% of current leaseholders.

352 Myrtle Avenue

G-way Property Management 718-399-9300

4 900 sq ft Available Now

1

180 Myrtle Avenue, 81 & 86 Fleet Place NEW CONSTRUCTION

Retail space can be subdivided, with up to 16 separate spaces available ranging from 780 to 2,542 sq ft.

Winick Realty, Thomas Caliendo (212) 792-2617, [email protected]

1 28,035 sq ft Leasing Now

Recent market analysis and surveys of local residents found the most in-demand business categories on this stretch of Myrtle Avenue include healthy fast food, specialty grocery, and both low-to-moderate and higher priced retail shops that cater to local residents. Retail establishments predominately serve local residents, and restaurants rely on both local residents and daytime workers from the surrounding neighborhood and the nearby Navy Yard.

FORT GREENE between Ashland Place & Vanderbilt Avenue

Independent clothing boutiques, home furnishings, and both upscale and fast casual dining businesses are most in demand on this portion of Myrtle Avenue. Retailers and restaurants here serve local residents, students from Pratt Institute, neighborhood visitors and daytime workers. In addition to meeting needs of locals, retailers and restaurants that attract out-of-neighborhood visitors can also perform well here.

CLINTON HILL between Vanderbilt Avenue & Classon Avenue

A recent market analysis of this section of Myrtle Avenue found that storefronts within new buildings here are best suited for low-cost and casual dining, national convenience retailers, and a blend of independently-owned and regional chain businesses that serve the needs of residents in the immediate area. Additionally, workers from nearby MetroTech and visitors from Fort Greene Park could be a large part of a new business’ customer mix.

DOWNTOWN between Flatbush Avenue Ext. & Ashland Place

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525 Myrtle Avenue NEW CONSTRUCTION

Two retail condos for sale by News Realty: (718) 899-1102

2,008 sq ft

12

4

11 New Businesses on the Way

APRIL 2017

218 Myrtle Avenue


2 11,340 sq ft 1,340 sf ground floor

+ 10,000 sf in basement

322 Myrtle Avenue

NGJF, Joseph Colista (718) 372-2191

3 1,200 sq ft Available Now

Asking Rent: $7,000

441-Rear Myrtle Avenue, at Waverly Ave

Edward Barbaro, Property Owner (646) 996-3939


Asking Rent: $2,000


Winick , Yoel Gorjian (212) 792-2646

1,190 sq ft +769 sq ft basement

Available Now

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Sandwich Shop

9

Locals’ Specialty

Food

Wine Legend, Gold Coast Bank

Contact us at (718) 230-1689 or [email protected] for more info

3


Winick, Dan DePasquale (212) 792-2652

20,304 sq ft Divisible

Available Q2 2017

11

11

Café & Wine Bar

Children’s Boutique

Depanneur

5

349 Myrtle Avenue

Cushman & Wakefield Mitzi Flexer: (718) 307-6504

5 1,400 sq ft +1,200 sq ft basement & 300 sq ft yard

Asking Rent: $75/sf

374 Myrtle Avenue

Citi Habitats, Renee Miller (516) 439-0922

8 1,200 sq ft Available 3/1/2017

Asking Rent: $6,000

353 Myrtle Avenue

Ideal Properties Group, Curtis Fuller (347) 227-8998

6 800 sq ft Asking Rent: $6,500

6 14

The Commissary Kitchen

European Wax Center

13 12

551 Myrtle Avenue

Look Property NYC Chris Stewart (347) 693-1935

1,200 sq ft Available May 1

14

MetroPCS

362 Myrtle Avenue

Cushman Wakefield, Jordan Kaplan (212) 841-7704


Asking Rent: $75/sf

8 7


RKF, Eddie Mamiye (212) 916-3386

2,250 sq ft Available Q1 2017

Asking Rent: $65/sq ft

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Sushi Bar

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Myrtle Avenue Quarterly Real Estate Report

Myrtle Avenue has 14 Retail Spaces with 54,589 sq ft currently available, and 7 new businesses on the way.

360 Myrtle Avenue

G-way Property Management Oren Neria, 718-399-9300 x2

4 1,240 sq ft + 2,000 sq ft basement Divisible up to 2 spaces

Available Now

1

519 Myrtle Avenue

Ripco Real Estate, Andrew Clemens (212) 750-6565

1,000 sq ft + optional 450 sq ft

Available Now

12

180 Myrtle Avenue & 81 Fleet Place

This building is currently under construction and retail space can be subdivided, with up to 16 separate spaces available ranging from 780-2,542 sq ft.


1 21,719 sq ft Leasing Now

Recent market analysis and surveys of local residents found the most in-demand business categories on this stretch of Myrtle Avenue include healthy fast food, specialty grocery, and both low-to-moderate and higher priced retail shops that cater to local residents. Retail establishments predominately serve local residents, and restaurants rely on both local residents and daytime workers from the surrounding neighborhood and the nearby Navy Yard.

FORT GREENE between Ashland Place & Vanderbilt Avenue

Independent clothing boutiques, home furnishings, and both upscale and fast casual dining businesses are most in demand on this portion of Myrtle Avenue. Retailers and restaurants here serve local residents, students from Pratt Institute, neighborhood visitors and daytime workers. In addition to meeting needs of locals, retailers and restaurants that attract out-of-neighborhood visitors can also perform well here.

CLINTON HILL between Vanderbilt Avenue & Classon Avenue

A recent market analysis of this section of Myrtle Avenue found that storefronts within new buildings here are best suited for low-cost and casual dining, national convenience retailers, and a blend of independently-owned and regional chain businesses that serve the needs of residents in the immediate area. Additionally, workers from nearby MetroTech and visitors from Fort Greene Park could be a large part of new business’ customer mix.

DOWNTOWN between Flatbush Avenue Ext. & Ashland Place

2

364 Myrtle Avenue

Set to be auctioned on 4/5/2016 at 10am by MYC & Associates, (347) 273-1258

5 1,500 sq ft Commercial Condo

531 Myrtle Avenue


1,470—6,000 sq ft Available Q1 2016

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4 Latin

Restaurant

3

6 New Businesses on the Way

12

486 Myrtle Avenue

Ripco Realty , David Goldschmidt (212) 750-6565

1,220 sq ft Available Now

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SPRING 2016 updated 3/17/2016

Italian Restaurant

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507 Myrtle Avenue

Tower Brokerage, Gabriel Hardy (212) 673-7333 x107

700 sq ft Available Now

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6 8

560 Myrtle Avenue

Contact the Myrtle Avenue Brooklyn BID, Chad Purkey (718) 230-1689

600 sq ft Available Now

14

387 Myrtle Avenue

Contact the Property Owner at [email protected]


5

218 Myrtle Avenue


2 13,340 sq ft 1,340 sf ground floor

+ 10,000 sf in basement

352 Myrtle Avenue

G-way Property Management 718-399-9300


441-Rear Myrtle Avenue, at Waverly Ave

Edward Barbaro, Property Owner (646) 996-3939


459-461 Myrtle Avenue


3,200 sq ft Divisible to 2,400 & 800 sf

Available Now

8

491 Myrtle Avenue

Contact the Myrtle Avenue Brooklyn BID, Chad Purkey, (718) 230-1689 ext. 6#

1,220 sq ft Available Now

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14

13 American

Restaurant

Bar

Yoga Studio

7

Dentist

Specialty Grocery

CONTACT US at (718) 230-1689 or [email protected] MYRTLE AVENUE DISTRICT PROFILE

Myrtle Avenue in the historic Fort Greene and Clinton Hill neighborhoods has become one of the most vibrant neighborhood commercial districts in Brooklyn. Today, the district is filled with independently-owned businesses that serve the daily needs of thousands of neighborhood residents and offers dining and shopping options that attract visitors from around the city. With a vacancy rate around 7%, consumers and business owners along Myrtle Avenue are proving that they value the district’s local flavor and diversity. All statistics below refer to the Myrtle Avenue Business Improvement District’s (BID) boundaries which include Myrtle Avenue in Fort Greene and Clinton Hill, between Flatbush Avenue Extension and Classon Avenue.

NEW CONSTRUCTION NEWS

Myrtle Avenue in Fort Greene and Clinton Hill is booming. Currently, under construction or with

building plans filed, there are:

10 new mixed-use buildings, with

1,182 new residential units, housing an

estimated 2,600 new residents,

& 85,700 sq ft of new retail space.

$238 MILLION UNMET DEMAND

POTENTIAL SALES

In 2014, we found that local residents could have spent $238M on goods and services along Myrtle Avenue, but they instead spent this money elsewhere due to a lack of options within their own neighborhood.

The current business mix on Myrtle Avenue is diverse, creating a district that primarily serves local residents needs. In the past few years, the number of “destination” businesses have increased — including some sit-down restaurants and clothing boutiques. Below is a list of some of the most popular business types that you’ll find on Myrtle Avenue today:

170 Total Existing Businesses, including:

54 Restaurants / Bars 18 Barber Shops & Salons 16 Delis & Corner Stores 9 Pharmacies 6 Wine & Spirits Shops 6 Banks

WHAT’S HERE NOW

Below is short list of some of the types of businesses that are currently under-

represented and in high demand:

Butcher Shop & Specialty Grocery

Ice Cream & Frozen Yogurt

Discount & Family Clothing

Boutique Apparel

Fast & Casual Dining

Home Furnishing Stores

WHAT’S IN DEMAND VS.

LOCAL CUSTOMER BASE

Myrtle Avenue is surrounded by incredible assets, including large employment

centers such as the Brooklyn Navy Yard & MetroTech, four colleges, including St. Joseph’s College, Pratt Institute &

LIU, and a large residential population that relies on local businesses to meet their daily shopping and dining needs.

Within TWO BLOCKS of Myrtle Avenue, you’ll find:

40 k 20 k

21 k

LOCAL RESIDENTS

DAYTIME EMPLOYEES

COLLEGE STUDENTS

A CLOSER LOOK

Myrtle Avenue has a population of consumers whose are younger, more educated, and gaining

wealth faster than the rest of Brooklyn. Over 55% of Myrtle’s customers, Millennials and High earners,

have the dollars to support a full-service gym.

ASKING Median Rent/Sq Ft $ 64

Based on a survey with 53% of the district’s existing businesses reporting, along Myrtle Avenue, between Ashland & Classon.

Median Rent/Sq Ft ACTUAL $ 54

Lease Negotiation Tip

Often, the asking price is a place to begin negotiations.

When negotiating it’s important to remember that a

commercial tenant typically pays a base monthly rent, plus a

portion of the real estate taxes and/or the BID Assessment,

utilities, and annual rent increases.

When negotiating a lease, be sure to calculate all of these

“additional” monthly real estate expenses. Being mindful of

the total rent costs can help to ensure a tenant does not find

themselves quickly under water.

COMMERCIAL RENTS ON MYRTLE

UPCOMING: MYRTLE AVENUE PLAZA The $7 million capital project located on Myrtle Avenue in Clinton Hill will include 25,000 sq ft of public space, spanning two blocks between Grand Street and Emerson Place will include various seating areas, game tables, new trees, moveable tables and chairs, a new bus shelter, flexible event space, a public art installation, and multiple landscaped planters. Additional street improvements will be made along Myrtle Avenue between Hall Street and Grand Avenue. Construction is scheduled for completion by summer 2016.

DEMAND FOR GYMS + FITNESS

Annual Pop Growth Rate

Median Age

Bachelor Degree Holders

Myrtle Avenue 1.2 31 40% Brooklyn 0.8 34.5 29%

myrtle avenue monthly real estate report · 2017. 4. 10. · 10 myrtle avenue monthly real estate...

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