Friday, December 07, 2007

Bay Ridge's 86th Street Expensive as Chicago's Michigan Ave.

86th St vs Michigan Avenue

Bay Ridge’s 86th Street shopping strip, between Fourth and Fifth Avenues, commands the highest retail rents in Brooklyn, according to Sarah Ryley in the Brooklyn Daily Eagle--from $175 per square foot to $265. That is equivalent to prices on Michigan Avenue in Chicago. The figures come from Massey Knakal Realty Services. Fulton Street in Downtown Brooklyn and 49th Street between 13th and 16th Avenues in Kensington are not far behind, all commanding average retail rents higher than $150 per square foot. As for Bay Ridge, The Bay Ridge Rover writes that "The figures do come as something of a surprise, considering Chicago's famed 'Michigan Mile' hosts such retailers as Chanel, Bloomingdales, Bulgari, Gucci, Paul Stuart and even Fileen's Basement. Opposed to that of our own wide concentration of various banks, cellphone stores, smaller mom 'n pop retailers such as 'Expo 2000,' 'Forever21' and other apparel stores specializing in all things stretch, lycra and glow-in-the-dark enabled." We don't know how the figures are broken down and how the most expensive blocks on Michigan Avenue break down, or whether these are averages, yet the comparison is still a fascinating one.

[Original photos courtesy of the excellent Bay Ridge Rover]

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