2013 was a record-breaking year for Williamsburg retail. The Real Deal reports that the price per square foot of retail locations in the neighborhood more than tripled last year, up to an average of $753, due in part to several multi-million dollar sales of retail sites.
Dan Marks of the Brooklyn commercial brokerage firm TerraCRG told the paper that property owners are thinking about selling "now that property values have increased so much due to the demand."
This is following news of retail rents jumping in Manhattan. Stores on Fifth Avenue now go for upwards of $3,100 per square foot, while Soho rents jumped more than 50%.
· Retail Sales in Williamsburg Surge [TRD]
· Retail Asking Rents on the Rise in Soho, Lower Manhattan [Racked NY]
· Retail Rents on Fifth Avenue Topped $3,100 in 2013 [Racked NY]