Waiting for retail at 461 Dean, and at the new Heritage Dean Street across the street (+ some residential rental comparisons)
It's definitely taking a while.
More than two years after 461 Dean--the first residential building to open in Atlantic Yards/Pacific Park--began welcoming residential tenants, in November 2016, the two retail spaces on the ground floor, 2,352 square feet along Flatbush Avenue and 867 square feet along Dean Street, remain to be leased.
The larger space is pictured, above. Both locations would seem to be reasonably attractive, given their proximity to transit, but also come with some drawbacks.
Crowds going to or exiting the Barclays Center walk past both locations--in fact, those waiting to enter the Dean Street entrance often line up, potentially blocking the retail entrance.
But retail along the Flatbush Avenue flank of the arena has proven problematic: beyond the team store, one space is devoted to the Featured on Flatbush pop-up, and other is simply closed.
The building, built by Forest City Realty Trust outside of the Greenland USA partnership, was sold in March 2018 to Principal Global Investors. The only building constructed via modular technology, it took far longer--and with leaks that required extensive fixes--than anticipated.
Across the street
An even larger retail space--or spaces--awaits at the brick building across Dean Street, site of the old Bergen Tile structure, 470 Dean, which is not part of Atlantic Yards/Pacific Park but certainly benefits from its presence.
Up to 6,400 square feet is available in one or more spaces (divisions considered), states the sign in the window.
That new building, Heritage Dean Street, is described as "nestled at the intersection of three of Brooklyn’s most exciting neighborhoods," with "sixty-four elegant rental apartments that combine stylish design with generous layout."
Why Heritage Dean Street? Because, according to the web site, the Domansky family is proud of their roots, with the parents, immigrants coming after the Holocaust, having built a successful business with Bergen Tile.
Now their son "Martin and his son Scott have taken these roots and established a full service real estate development company with commercial and residential properties throughout New York." OK, then.
Residential rental rates
By the way, according to StreetEasy (when I checked last week), currently available studios at Heritage Dean Street start at $2,298, one-bedrooms at $2,995, and two-bedrooms at $4,611. Those are all "net effective rents," implying a concession, though the number of free months is not provided. Previously, the cheapest rents were $2,262 for a studio, $2,975 for a one-bedroom, and $4,611 for a two-bedroom.
These are a slight bargain compared with the taller neighbor.
According to StreetEasy, for market-rate units at 461 Dean (half the building is "affordable," below-market), recently available studios start at $2,425 (net effective rent, based on a gross rent of $2910 and two months free), one-bedrooms at $3,083 (net effective rent, based on a gross rent of $3700 and two months free), and two-bedrooms at $4,863 (net effective rent, based on a gross rent of $5835 and two months free).
At 461 Dean, according to the 2016 lottery ad, the most expensive "affordable" studios went for $1,996, one bedrooms for $2,504, and two bedrooms for $3,012. By contrast, the most expensive affordable units at a later affordable building, 535 Carlton, were, as of the 2016 lottery ad, $2,137 for a studio, $2,680 for a one-bedroom, and $3,223 for a two-bedroom.
In both cases, there should have been slight increases each year, set by the Rent Guidelines Board, as these affordable units are rent-stabilized.
More than two years after 461 Dean--the first residential building to open in Atlantic Yards/Pacific Park--began welcoming residential tenants, in November 2016, the two retail spaces on the ground floor, 2,352 square feet along Flatbush Avenue and 867 square feet along Dean Street, remain to be leased.
 |
| Looking north along Flatbush Avenue outside 461 Dean |
Crowds going to or exiting the Barclays Center walk past both locations--in fact, those waiting to enter the Dean Street entrance often line up, potentially blocking the retail entrance.
But retail along the Flatbush Avenue flank of the arena has proven problematic: beyond the team store, one space is devoted to the Featured on Flatbush pop-up, and other is simply closed.The building, built by Forest City Realty Trust outside of the Greenland USA partnership, was sold in March 2018 to Principal Global Investors. The only building constructed via modular technology, it took far longer--and with leaks that required extensive fixes--than anticipated.
Across the street
An even larger retail space--or spaces--awaits at the brick building across Dean Street, site of the old Bergen Tile structure, 470 Dean, which is not part of Atlantic Yards/Pacific Park but certainly benefits from its presence.
Up to 6,400 square feet is available in one or more spaces (divisions considered), states the sign in the window.
That new building, Heritage Dean Street, is described as "nestled at the intersection of three of Brooklyn’s most exciting neighborhoods," with "sixty-four elegant rental apartments that combine stylish design with generous layout."
Welcome to the New Downtown," the website states, promising:
Heritage Dean Street is surrounded by some of the city’s most beloved institutions like the Brooklyn Academy of Music, Barclays Center, Brooklyn Bridge Park, and Prospect Park, as well as independent coffee shops, yoga studios, boutiques, and even Whole Foods Market and Trader Joe’s.I think "surrounded" might be a wee bit of a stretch when it comes to Brooklyn Bridge Park and even Prospect Park. Whole Foods and Trader Joe's are walkable but not immediately so. But that's marketing.
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| Looking south on Flatbush |
Now their son "Martin and his son Scott have taken these roots and established a full service real estate development company with commercial and residential properties throughout New York." OK, then.
 |
| Looking north on Flatbush |
By the way, according to StreetEasy (when I checked last week), currently available studios at Heritage Dean Street start at $2,298, one-bedrooms at $2,995, and two-bedrooms at $4,611. Those are all "net effective rents," implying a concession, though the number of free months is not provided. Previously, the cheapest rents were $2,262 for a studio, $2,975 for a one-bedroom, and $4,611 for a two-bedroom.
These are a slight bargain compared with the taller neighbor.
According to StreetEasy, for market-rate units at 461 Dean (half the building is "affordable," below-market), recently available studios start at $2,425 (net effective rent, based on a gross rent of $2910 and two months free), one-bedrooms at $3,083 (net effective rent, based on a gross rent of $3700 and two months free), and two-bedrooms at $4,863 (net effective rent, based on a gross rent of $5835 and two months free).
At 461 Dean, according to the 2016 lottery ad, the most expensive "affordable" studios went for $1,996, one bedrooms for $2,504, and two bedrooms for $3,012. By contrast, the most expensive affordable units at a later affordable building, 535 Carlton, were, as of the 2016 lottery ad, $2,137 for a studio, $2,680 for a one-bedroom, and $3,223 for a two-bedroom.
In both cases, there should have been slight increases each year, set by the Rent Guidelines Board, as these affordable units are rent-stabilized.
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| At Flatbush and Dean |
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