DoBro's Average Household Income to Double?
The average household income in Downtown Brooklyn and surrounding neighborhoods is expected to double in two years, according to marketing material for 345 Adams Street. Roger Greenstone, who’s eponymous firm is marketing Muss Development’s two floors of retail in the building, told us he expects to score high-end tenants that will cater to affluent residents…
The average household income in Downtown Brooklyn and surrounding neighborhoods is expected to double in two years, according to marketing material for 345 Adams Street. Roger Greenstone, who’s eponymous firm is marketing Muss Development’s two floors of retail in the building, told us he expects to score high-end tenants that will cater to affluent residents in the sorrounding community, a contingency that’s quickly taking over. Last year, Scan/US Inc. estimated households in Downtown Brooklyn, Brooklyn Heights, Fort Greene, Cobble Hill, Boerum Hill and Park Slope earn an average annual income of $87,139 based on U.S. Census Information. The Downtown Brooklyn Partnership estimates that number will jump to $172,000 $142,000 by 2010 thanks in part to 27,000 new condos under construction, according to the brochure. (Update: DBP just alerted us to the fact that Greenstone had the number wrong.) Some of those projects are presently stalled, but people have already moved into others like One Hanson Place and construction cranes are everywhere. Even if the increase is not quite double, it will still be pretty significant. See the full data after the jump…
Developer to Air Out 345 Adams Street [Brownstoner]
Chan upbeat about Downtown Brooklyn [Real Estate Weekly]
6 years ago, Myrtle was called Murder Avenue by most.
Now it is a thriving retail strip getting better every day.
It has not come as far as 5th, but I believe it began at a lower starting point so it’s all relative. Every street 4:20 refers to has made incredibly fast strides over the past 6-7 years.
Most were horrible 10 years ago.
And the post was not about speed…it was about new retail coming to fill the increasingly high income earners in Brooklyn.
No mention of how fast or to what degree or to what scale, simply that it will most likely happen.
I agree that 5th is a perfect example of this, but it is by no means the only one.
In comparison to the other streets namedropped at 4:20, 5th Avenue is an anomaly in speed, degree and scale.
3:51: I don’t agree.
It has happened also on Smith Street, it’s happening bigtime on Atlantic Avenue right now, it’s happened and is still happening on Vanderbilt, and it’s also happening on Court Street, Franklin, Washington, DeKalb, MYRTLE!
It’s happening all over!! How can you say 5th is an anomaly??
5th is an anomaly unlikely to be repeated any time soon.
2:09 —–I agree 100%. 5th avenue is amazing. I have been in the area since the early 90’s and still can’t get over at the pace of upscale stores and resturants opening up. The only negative is the parking. I used to find parking without any problems…now I have to circle around the block 3-4 times.
Nothing to do with the topic, but I have to give major kudos to Sarah for participating in this thread. I’ve been hoping Mr. B and others would comment more as I find it quite interesting hearing their responses to various posts. Thanks Sarah!
5th Avenue in Park Slope has bascially gone from burned out and abandoned to upscale and chic overnight. It can happen.
Now by overnight, I mean about 6 or 7 years, but that’s pretty overnight in the grand scheme of things.
Does anyone REMEMBER what 5th was like in 2000???
All 99 cent stores and bodegas. Now it’s one of the nicest, if not THE nicest shopping and entertainment strip in Brooklyn, in my opinion.
Montrose made the best points at 9:51. There’s no questiojn higher-income people are and will be mving in. But the majority of residents will remain lower midle class to poor for some time. There’ll be no overnight conversion!
“I have a friend who is a waitress 4 nights a week in a busy Midtown restaurant, and she made almost $70,000 this past year!!!
That was working about 25 hours a week!”
People who work in “Gentlemen’s Clubs” don’t count!