The New York Daily News offers its take on the burgeoning growth taking place in Brooklyn Heights’ adjoining neighborhood, titled “What’s behind Downtown Brooklyn success story?” It concludes that an influx of college kids at 11 area schools, trendy stores, novel restaurants and tech start-ups “taking advantage of short-term leases” have fueled an economic boom “in once-gritty spots.”
The piece alludes to strong growth “over the last 10 years, according to local firms and economic experts,” with a quote from Brooklyn Heights’ Ingram & Hebron Realty partner Robert Hebron: “There’s gigantic momentum to create professional gentrification” that has led to intense local competition for new tenants. He adds that in an effort to convince startups with low capital to move from chic DUMBO lofts into more traditional downtown offices, landlords have been asking for lower security deposits and are dropping other standard lease requirements.
The News adds that Downtown Brooklyn is one of the only spots in NYC where no private sector jobs have been lost since 2003, with major growth in the health care sector. Overall, Downtown Brooklyn’s office vacancy rate improved to 7.4% in 1Q 2012, down from 11% last year, citing a report issued July 26 by state Controller Thomas DiNapoli. It also says that the surrounding nabes—Brooklyn Heights, DUMBO/Vinegar Hill, the Navy Yard, Clinton Hill, Fort Greene and Boerum Hill—have grown in population by 15,000 since 2005.
Downtown Brooklyn Partnership President Tucker Reed calls the area “the hottest neighborhood in the borough, and the fastest-growing and strongest economy of any downtown in the state and the nation.” James Parrot of the Fiscal Policy Institute adds, “Downtown Brooklyn is benefitting from a number of broader trends; it’s part of an urban revitalization story.”
Read the article in the New York Daily News here.
(Photo: Chuck Taylor)