Triangle Sports
Figure 3. Triangle Sports Inc. Photo by Sam Krueger
“I currently have 10 investors in a bidding war, this property is on the market for the first time in 100 years, let’s just say that if this property was worth a million dollars, it is now worth 20 million.” This is the voice of a local business owner who has been in the Park Slope neighborhood long enough to see the full affects of gentrification in downtown Brooklyn. Specifcally, one property that is unique is Triangle Sports; a small family owned sporting goods store occupying the corners of 5th Avenue, Dean Street and Flatbush Avenue in the Prospect Heights neighborhood of Brooklyn, New York (Figure 5). From the outside, Triangle Sports seems rather lifeless.The property encompasses barely 1,500 square feet of commercial realty space and rises a meager three stories from the pavement. What is so unique about this property you may ask? The answer is simple. Sitting alone on a small triangle block, Triangle Sports lies a mere 80 feet from the bustling Atlantic Yards development project; an urban renewal project centering around the flagship structure of the Barclays Center sports arena
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Joseph Berger recently wrote an article for the New York Times where he commented on the commercial transformation occurring in Prospect Heights, Park Slope, Boerum Hill and Fort Greene. He wrote “The battle over Atlantic Yards has already raged longer than the Civil War, with eight years of protests, petitions and lawsuits seeking to halt a project that promised to reshape the heart of Brooklyn” (Berger, 2012). Weeding out the old drab hardware stores, sporting good outlets and pharmacies are new chic restaurants, trendy eco friendly bars and boutiques with fashionable names such as Fish and sip, Va beh’ and Versailles.
Real estate follows a predictable trend, location drives value. Our interview with a local business owner provided great insight into how the Atlantic Yards development project and construction of the Barclays Center has fueled demand for properties adjacent to the complex. In a brief ten minute conversation, we were introduced to the present atmosphere of the surrounding neighborhood. After the interview, it was obvious that there is huge residential opposition as the new developments will likely lead to more traffic, noise, pollution people and unmanageable property values. The arena has generated all kinds of new commercial benefits. Rental space has gone from 10 to 20 dollars a square foot to 80 to 150 dollars. Furthermore, only year contracts (if that) are being leased due to the fact property values continue to climb in Prospect Heights and surrounding neighborhoods. This results in a plethora of vacant lots as owners wait to see how development affects property values. Many of these small business owners are letting the market come to them; it is clear they are all sitting on a real estate gold mines.
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Joseph Berger recently wrote an article for the New York Times where he commented on the commercial transformation occurring in Prospect Heights, Park Slope, Boerum Hill and Fort Greene. He wrote “The battle over Atlantic Yards has already raged longer than the Civil War, with eight years of protests, petitions and lawsuits seeking to halt a project that promised to reshape the heart of Brooklyn” (Berger, 2012). Weeding out the old drab hardware stores, sporting good outlets and pharmacies are new chic restaurants, trendy eco friendly bars and boutiques with fashionable names such as Fish and sip, Va beh’ and Versailles.
Real estate follows a predictable trend, location drives value. Our interview with a local business owner provided great insight into how the Atlantic Yards development project and construction of the Barclays Center has fueled demand for properties adjacent to the complex. In a brief ten minute conversation, we were introduced to the present atmosphere of the surrounding neighborhood. After the interview, it was obvious that there is huge residential opposition as the new developments will likely lead to more traffic, noise, pollution people and unmanageable property values. The arena has generated all kinds of new commercial benefits. Rental space has gone from 10 to 20 dollars a square foot to 80 to 150 dollars. Furthermore, only year contracts (if that) are being leased due to the fact property values continue to climb in Prospect Heights and surrounding neighborhoods. This results in a plethora of vacant lots as owners wait to see how development affects property values. Many of these small business owners are letting the market come to them; it is clear they are all sitting on a real estate gold mines.
Sources
Berger, Joeseph. "Impact of Atlantic Yards,for Good or Ill, Is Already Felt." Http://www.lib.ncsu.edu/citationbuilder/cite.php?source=newspaper. New York Times, 16 Apr. 2012. Web. 25 Apr. 2012.
Personal Interview. March 22, 2012.
Cover Photos by Sam Krueger
Personal Interview. March 22, 2012.
Cover Photos by Sam Krueger