Chan upbeat about Downtown Brooklyn

Real Estate Weekly, Jan 30, 2008

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Joe Chan, president of the Downtown Brooklyn Partnership, recently presented REBNY's Residential Brooklyn Committee with an overview of the changes underway in Downtown Brooklyn.

The crowd heard a comprehensive presentation by Chan detailing the plans for future transportation improvements, outdoor space, residential units and enhanced retail and commercial areas.

Chan told the committe how Downtown Brooklyn, once a commercial area, has received $9.6 billion in total private investment for its continuing real estate development, helping to position it as an emerging, desirable residential neighborhood.

Some 4,188 residential units have been added to the neighborhood along with 1.6 million s/f of office space, 1.6 million s/f of retail space and 2,349 hotel rooms. As Downtown Brooklyn continues to grow it has attracted 17,500 new residents with an annual household income of $142,000.

Looking forward, Downtown Brooklyn's parks, streetscapes and transportation will all receive major overhauls. Over $200 million will be invested in new parks in the entire borough, $35 million will be put toward street beautification including Flatbush Ave. and Fulton Street and another approximately $200 million will go toward transit improvements to the Jay-Lawrence Connector and Atlantic Terminal. Cultural and entertainment projects are also planned, including $125 million new BAM venues and the Barclay Center, an 18,000 seat arena that will be home to the Nets NBA team.

"Brooklyn is no longer an economic choice for residents but a lifestyle choice as well," Chan said, "Downtown Brooklyn has seen amazing growth, owing to the great work real estate agents have done in attracting new residents to the area. Retailers are now seeing the neighborhood's unlimited potential and it will change the public perception of Downtown Brooklyn as a place to dine, shop and spend leisure time."