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As Williamsburg has become more

fashionable and pricey (and mainstream),

its bohemian residents have been driven to

other neighborhoods in search of more

affordable rents. The same thing has

happened with many of the independent

retailers that initially set in motion

Williamsburg’s retail renaissance. In fact,

the question should not be which Brooklyn

neighborhood is going to emerge as the

next Cool Street, but which

neighborhoods? Certainly, cases can be

made for Bedford-Stuyvesant, Bushwick,

Crown Heights, Fort Greene and a few

others. But this report is not just about

identifying the next hipster residential

enclaves, it is also about finding the

emerging Cool Streets with the most retail

growth potential.

Sunset Park is situated on Brooklyn’s

western waterfront and is bordered by Park

Slope and Greenwood Heights to the north,

Borough Park to the east and Bay Ridge to

the south. Largely an industrial

neighborhood since the early 1900s,

Sunset Park had been in decline for much

of the latter half of the past century. That

began to change a couple of years ago

with the opening of Bush Terminal Park

and a number of rehabilitation projects

along the waterfront — the most

substantial of which has been the

redevelopment of Industry City.

The Industry City complex consists of

roughly 6.0 million square feet (sf) of

formerly vacant industrial space

redeveloped as creative mixed-use office,

retail, and industrial. The retail component

alone totals 500,000 sf and is already

home to Bed Bath & Beyond, BuyBuy Baby,

Cost Plus, and Saks Off Fifth (expected to

open later this year). These retailers do not

usually appear on a roster of Cool Street

tenants, but Industry City offers an urban

rarity: existing, large footprint availability in

a desirable marketplace. Industry City has

reportedly leased all but 1.8 million sf of its

6.0 million sf of space to more than 400

companies, with tenants like West Elm, the

Brooklyn Nets and Time joining

e-commerce and tech players like Shyp

and BaubleBar.

Residential realtors already report

skyrocketing demand for row houses on

the perimeter of Industry City, while

numerous loft projects backfilled long-

vacant industrial space. Because of the big

box retail deals, one might question

whether independent retailers will be

active here at all.. Even as more

mainstream retail box concepts continue

to ink deals at Industry City, a number of

independents, start-ups, and mom-and-

pops have been actively looking on Sunset

Park’s prime corridors. With retail asking

rents generally ranging from $75 to $175

per sf, expect even more interest from a

steady stream of retailers of all stripes in

this area in the future.


Millennial Population



Household Income

Sunset Park:

Where Boxes and Independents Co-exist