Downtown Brooklyn Is The Next Midtown South, Says Survey
A survey of more than 100 prominent commercial real estate machers states that Downtown Brooklyn is the neighborhood to watch, beating out heavy-hitters including Hudson Yards as the city’s Most Likely to Succeed.
“This could be another ‘prestige’ breakthrough for Brooklyn,” William H. Jennings, partner-in-charge of Marks Paneth & Shron, said in a prepared statement. “Many people already think it’s much ‘cooler’ to live in Brooklyn than Manhattan. It may soon be the ‘hot’ place to office.”
Marks Paneth & Shron conducted the survey between January and July of this year. The accounting firm announced today that 17% of respondents chose Downtown Brooklyn as the area in which rents are most likely to soar next. Hell’s Kitchen and the Garment District–West Side neighborhoods poised to benefit from the completion of Hudson Yards–closely followed, with each getting 16 percent of the votes.
Another question asked which blockbuster development was most likely to have a “positive, long-term” effect on property values. Hudson Yards took that title with 34% of the votes. The Second Avenue Subway (28%), Long Island Railroad’s East Side Access to Grand Central (20%) and the World Trade Center redevelopment (10%) followed.
Accountants from Marks Paneth & Shron could not immediately be reached for further comment.