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February 24, 2012
Before a Dribble, Real Estate Scores Points
The Wall Street Journal
by Kavita Mokha
For Sharon Davidson, whose job includes encouraging businesses to set up shop in downtown Brooklyn, there is no difficulty in pinpointing the biggest change in her work.
"Five years ago, it was difficult to get anyone to rent in this district," said Ms. Davidson, executive director of the North Flatbush Business Improvement District. "Now with the arena, the rents have doubled and I get calls from people who want to move to this area."
The arena, of course, is Barclays Center, the future home of the New Jersey Nets that is scheduled to open in September. But the complex, part of a larger planned business and residential development, has already touched off a significant spurt in commercial and residential real-estate activity spreading out from the junction of Atlantic and Flatbush avenues.
"On every corridor and street that leads to the arena, there is a rush for retail space," said Paul Zumoff, an agent with Corcoran Group and an area resident.
Not everyone is happy about the gentrification bonanza, however.
"It's great for the landlord—it's like they found oil," said Sury Mukherjee, owner of Mondini Fashion, a clothing store that has been on Pacific Street for 33 years. "The arena will bring more business here, but some of us will be outta here by then."
Mr. Mukherjee added that he didn't have a long-term lease and has been told to expect a four-month termination notice from his landlord.
...And while some local area residents welcome the changes in the pipeline, others remain skeptical.
"I moved here five years ago because it had a family vibe to it," said 35-year-old Marta Betancourt, a graphic designer who lives on Flatbush Avenue with her husband and two children. "I'm not sure how the neighborhood will absorb a Madison Square Garden-type complex smack in the middle of it."
NoLandGrab: Actually, the North Flatbush Avenue BID covers the stretch from Atlantic Avenue to Plaza Street, not "downtown Brooklyn," which begins north of Atlantic.
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Posted by eric at February 24, 2012 11:15 AM