Friday, January 4, 2008

News from the rumor mill. Gracious Home in Downtown Brooklyn. Maybe.

"For decades, the area of Downtown Brooklyn between Willoughby and State streets has been a bustling center of low-end stores and fast-food restaurants. Now an influx of residents is anticipated at a handful of new luxury condo projects: BellTel Lofts at 365 Bridge Street, the conversion of the Williamsburgh Savings Bank building at One Hanson Place, the Oro Condos at 306 Gold Street, and a hotel/condominium project by the same developer set to rise next door. This begs the question: Where will these upscale residents eat and shop in the area?

Higher-end retail is expected to follow the residential development eventually -- and admittedly, there are already signs of change. More affordable condo projects in the area, on Livingston and Schermerhorn streets, are expected to bring an initial wave of retail in their ground-floor spaces. Meanwhile, the home furnishings chain Gracious Home and an Apple computer store are said to be considering the ground-floor space at the Williamsburgh Savings Bank tower. But buyers in the neighborhood's luxury developments are warned that if they want to see a complete turnaround, they need to be patient." (The Real Deal)

Condo towers poised to change Downtown Brooklyn retail
(The Real Deal)

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