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Retail rents have skyrocketed in Cobble Hill over the past few years, beginning with the arrival of Trader Joe's five years ago and peaking now with the J.Crew that's headed for 151 Court Street. Crain's writes that before Trader Joe's, rents were "a mere $35 per square foot to $50 per square foot" along the handful of blocks south of Atlantic Avenue.
Now, "a clutch of retailers are currently bidding up the price of a roughly 1,000-square-foot space to well north of $150 per square foot in an ongoing contest that could still push that price closer to $200."
Back in February, Rag & Bone was rumored to open in the former Downtown Bar & Grill, and other newcomers to the area include Lululemon, Splendid, and most recently, Intermix. And they definitely won't be the last.
Crain's adds that the "demand is only expected to increase and push the corridor farther south into Cobble Hill towards Carroll Gardens, especially since a surge in high-rise residential construction is transforming nearby downtown Brooklyn and adding to demand for retail space on nearby streets."
Meanwhile, local independent retailers tell us they're not threatened by J.Crew.
· Rents go big-time in Brooklyn's Cobble Hill [Crain's]
· Independent Brownstone Brooklyn Stores Aren't Afraid of J.Crew [Racked NY]
· National Retailers Clamoring For Their Slice of Cobble Hill [Racked NY]