Top 10 Things You Need to Know About The Brooklyn Transformation from 2010-2019
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Brooklyn experienced many firsts and welcomed a collection of new and exciting attractions, brands and historical events.
- Brooklyn Bridge Park (Pier 1 and 6) opened – March 2010
- The new Luna Park Amusement Park opened – May 29, 2010
- Barclay’s Center opened – Sept 21, 2012
- Brooklyn got an NBA team – Oct 30, 2012
- Brooklyn got a Wholefoods – Dec 17, 2013
- A Presidential Campaign was headquartered in Brooklyn – 2015
- Presidential debate held at the Navy Yard’s Duggal Greenhouse – April 14, 2016
- Brooklyn got an Apple Store – July 30, 2016
- A new bridge was built – Kosciuszko Bridge – April 27, 2017
- Brooklyn’s first Wegman’s opened – October 15, 2019
The Top 7 tallest buildings in Brooklyn were topped out or completed this decade.
- Brooklyn Point – 720 ft – 2019
- The Hub – 611 ft – 2017
- AVA DoBro – 596 ft – 2015
- 388 Bridge Street – 590 ft – 2014
- 590 Fulton Street – 568 ft – 2016
- City Tower – 515 ft – 2016
- The Brooklyner – 514 ft – 2010
Brooklyn saw an influx of residential development over the past decade, which led to the development of some of its first skyscrapers. The skyline has certainly changed since 2010, starting with these seven transactions. The growth of the borough’s population has called for the increased need for affordable housing for residents, and the 421a component to some of these properties has begun to fill that.
The top 10 commercial real estate deals of the decade included some of Brooklyn’s most pivotal projects:
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- $869,612,895 2018 1155 Pennsylvania Ave
- $751,000,000 2012 5502 Avenue N
- $408,468,512 2017 DUMBO Heights
- $345,000,000 2016 85 Jay Street
- $340,000,000 2016 25 Columbia Heights
- $303,000,000 2018 100 Ferris Street
- $276,947,000 2012 5100 Kings Plaza
- $275,000,000 2015 184 Kent Avenue
- $255,000,000 2019 Sunset Park Industrial Park
- $240,000,000 2015 Fortis Property Portfolio
These ten transactions are representative of both the political climate and interest shift throughout the borough. 1155 Pennsylvania Avenue was part-owned by Trump, and DUMBO Heights, 85 Jay Street, and 25 Columbia Heights were sold by Kushner Companies. The industrial transactions at 100 Ferris Street and the Sunset Park Industrial Park exemplify the need for more last-mile distribution in large cities, becoming known as the “Amazon-effect.”
Brooklyn outpaced Manhattan (and most other major cities) in tech job growth
- Increased 175%, more than double the 86% in Manhattan
- 1,205 tech-focused startups, up 356% since 2008
Brooklyn became known as the East Coast’s innovation and tech corridor due to the revitalization of several public/private partnerships and the growth of ground-up office projects.
- Industry City redevelopment
- Brooklyn Navy Yard
- 1000 Dean
- Brooklyn Heights
From the growth of office space throughout the borough, to the birth of the “Brooklyn Tech Triangle”, and the addition of tech-focused schools and colleges, community leaders have worked hard in the last 10 years to create a hub for tech, innovation, and creativity in the borough, similar to Silicon Valley on the West Coast. These opportunities have created a network, jobs and stability to a talent pool that often had to leave NYC to find work relevant to their education and skills.
Brooklyn’s population continues to grow. If Brooklyn were a city and not a borough, it would be the fourth largest after NYC, and Los Angeles, and Chicago with 2.61 million residents.
- Population Change – +3.1% change
- Median household income – +45.5% change
- Median Age – +3.8% change
- Households – +3.7% change
Brooklyn experienced a commercial real estate boom that reached historic heights.
- Record-breaking investment sales Dollar Volume reached in 2015 – $9.5 Billion
- +384% Change in Dollar Volume Borough-wide
- 2019 – $4,916,612,597
- 2010 – $1,015,724,695
- +321.76% Change in Average Transaction Borough-wide
- 2019 – $5,494,892
- 2010 – $1,302,846
In just 10 years, over 110,000 residential units were developed, including rentals and condos.
Brooklyn neighborhoods now have median home prices above $1M.
Prior to 2010, there were only 4 in all of NYC (and they were all in Manhattan); now Brooklyn has 11 neighborhoods in that category:
- DUMBO $1,615,341
- Carroll Gardens $1,545,000
- Cobble Hill $1,376,855
- Brooklyn Heights $1,375,000
- Park Slope $1,195,000
- Boerum Hill $1,268,236
- Williamsburg $1,245,000
- Red Hook $1,244,100
- Prospect Heights $1,237,500
- Gowanus $1,078,000
- Prospect Lefferts Gardens $1,038,989
Brooklyn neighborhood of the decade: Downtown Brooklyn
- 11,000+ total residential units added
- 3M+ square feet of Office developed
- 29% increase in job growth
Downtown Brooklyn has become one of Brooklyn’s most coveted neighborhoods to live, work and play. Over the past decade, the increase in both residential and office development has brought tens of thousands of new residents and employees to the area. That boom has also spurred an influx of significant retail including stores like Trader Joes (the highest-grossing in the country), Flight 23, H&M, Nordstrom Rack, Target, Century 21 Department Stores, Sephora, and more. Entertainment and dining has also seen a huge shift with the addition of the Barclays Center, new theater’s at BAM, the Alamo Drafthouse, the revitalization of the historic Gage & Tollner steakhouse, and so much more.
If you would you like more info on the Brooklyn market please contact us at info@terracrg.com or 718-768-6888.