One new real estate report pitted Greenpoint’s McCarren Park renovation and Downtown Brooklyn’s Barclays Center opening against one another in terms of which site’s neighborhoods had higher real estate investment value post-change. The results? McCarren comes out the victor.
McCarren Park’s success should not come as a surprise as it is a more residential area than the Barclays commercial hub, said author Barbara Byrne Denham, whose report, “Real Estate Forefront: Northern Brooklyn,” was published by Eastern Consolidated, a full-service real estate investment services firm.
“The Downtown Brooklyn/Fort Greene area is more of a commercial and cultural hub, while the Williamsburg/Greenpoint area is certainly more residential,” said Ben Tapper, senior director of Eastern Consolidated, explaining why the investment volume was much more significant in North Brooklyn.
“Because of the high demand for multifamily and development sites in recent years, the differences in these two classifications may have had as much of an impact on sales volume and prices over the last few years as the mentioned projects have had,” he added.
In addition to its lack of residential structure Barclays has a higher asking price. In 2012 Barclays closed at an average of $2.6 million per transaction while McCarren Park closed at $10.8 million.
Other “key findings” from the report include:
- Investment volume jumped more around McCarren Park over the last two years than it did near Barclays for development sites and multifamily;
- Prices for land/development sites were generally higher near McCarren Park, but have recently increased near Barclays Center as well. In 2012, 14 land/development site transactions closed at an average of $10.8 million per transaction. For the Barclays Center, 10 land/development sites closed for an average of $2.6 million’
- However, retail property sales around Barclays Center were higher and had a larger asking price due to the draw of foot traffic to the area from tourists and office workers in the area.