Coming out of 2012, the strong rental market continues to drive up the value of development sites. How is this actually playing out? An investor signs a contract on a deal and he can flip it for a few percent more a few months later. We’re seeing a lot of volume. We’ve been analyzing a lot of development sites and fielding calls—especially a newfound interest from funds who previously didn’t consider Brooklyn a viable place to invest. The Carlyle Group has made their first move in the outer boroughs with 71 Smith: a 315,000 sq. ft. condo and hotel.
DoBro has exploded, and will continue: 80 Dekalb, Avalon and the Brooklyner. For retail: City Point with Armani X, Victoria’s Secret, Nordstrom Rack, T.J. Maxx, Gap, Century 21, Aeropostale, Express. Shake Shack in the Mall. Panera Bread. We now have hockey, basketball and the Rolling Stones, with Marc Anthony, Mumford and Sons, and Lady Gaga expected to join the Barclay’s Center party in the first quarter. What John Butler did with the Flea Market has attracted new tenants to Brooklyn for the first time, creating magnet markets in Fort Greene, Dumbo, and Williamsburg. At Pier 6 in Brooklyn Bridge Park, I meet more Manhattanites who are visiting as tourists than I do anywhere else in Brooklyn. And the Brooklyn Technology boom will continue unabated: http://brooklyntechtriangle.com/ And we’ll be here, too, advising you on the wisest places to look when investing.