Laura Pomerantz, the vice chairman and head of strategic accounts at Cushman & Wakefield, has seen prices shoot up in Brooklyn since closing her first deal in the borough around three years ago.
“Three years ago, I did my first lease in Brooklyn for retail… and the rents were $60 a foot and there are over $300 a foot on certain streets in Williamsburg right now,” she said.
In spite of the rapid rise in rental rates, Pomerantz said that the borough remains attractive to retailers, with the interplay between new and old players facilitating the controlled evolution of the area.
“What’s important when a neighborhood starts to evolve is there’s a balance in the characteristic of the neighborhood that’s maintained but that the new is merchandised very carefully so that you enhance the neighborhood. You don’t do anything that’s destructive to the neighborhood. I think that’s what’s happening in Brooklyn today,” she said.
Pomerantz made the remarks during the Fifth Annual Real Estate Weekly Women’s Forum. She took part in the panel discussion entitled “Outer Boroughs: The Live, Work and Play Boom.”
For the full interview, check out the video below: