According to The Brooklyn Paper, Stephen Palmese, a commercial realty expert affiliated with Massey Knakel Realty Services, thinks there may be a bright future for the Montague Street commercial strip as “mom and pop” enterprises replace chains.
Brooklyn Paper: There are now nine “For rent” signs flying on Montague Street between Clinton Street and the Promenade right now — but the news may not be all bad.
Stephen Palmese, who deals in commercial spaces from Fort Greene to Brooklyn Heights, thinks the neighborhood will see locally based “mom-and-pop” shops replace the big national chain stores — a reversal of a longtime, and oft-bemoaned, trend.
The story notes that a client of Palmese’s recently signed a lease for space on Montague at $80 a square foot, down from an earlier asking price of $150. It also credits BHB for breaking the story of Armando’s possible return.