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October 9, 2011

Freddy's in the South Slope seen as part of a resurgence, but... it ain't Prospect Heights

Atlantic Yards Report

Crain's reports, in Low-key Brooklyn neighborhood makes some noise: South Slope area suddenly hot spot for bars, restaurants., that the reincarnation of Freddy's is going well:

Patrons were crestfallen last year when Freddy's, in Prospect Heights, Brooklyn, poured its final shots. While the boisterous tavern—a hangout for artists, cops and others since Prohibition—was razed to make way for Atlantic Yards, one of its owners had an epiphany. “We could reinvent ourselves,” said Donald O'Finn. “We could start again.”

In February, Freddy's was reincarnated near the corner of 17th Street and Fifth Avenue. The area, south of the Prospect Expressway and between Fourth Avenue and Green-Wood Cemetery, has had a surge in bars and restaurants in recent months.

...After looking in Park Slope and Gowanus for a new location, Mr. O'Finn knew that the 15-year lease for 2,300 square feet in South Slope was a bargain. He would not disclose the exact price but said that “it would easily be double or triple elsewhere.”

Timothy King of CPEX Realty Services said he was not surprised. He noted that many businesses priced out of Park Slope find sweet deals just south of the expressway. Rents there are usually between $30 and $35 a square foot, versus $75 to $100 a square foot in Park Slope.

There's at least one big difference, however, between this location and Prospect Heights: the subway is more than ten minutes away.

In other words, these days, to be on the cutting edge, you must go ever farther toward the periphery.

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Posted by steve at October 9, 2011 11:26 PM