Quote:
Originally Posted by kenratboy
I was expecting the area to be a lot more gentrified (take that as good or bad, I am not suggesting anything) to attract such a high-end development. Maybe that is coming?
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The immediate area around the tower is the Fulton Mall area, which is a working class retail district. So, yeah, it doesn't feel particularly gentrified. It's mostly chain stores, and the clientele has, until recently, been working class non-locals, mostly nonwhite, often from the West Indies. Though it's kind of an island, within a gentrified geography.
But if you go 2-3 blocks in any direction, you head into extremely gentrified areas, where prices are essentially the same as Manhattan. So it's very hyperlocal.
Fulton Mall isn't fancy, but it's extremely successful. Retail rents are by some measures the highest in the U.S. outside of Manhattan. Ever hear the Biz Markie song "Albee Square"? This tower partially replaces the Albee Square mall, which was a 1980's-1990's mall catering to working class, mostly black Caribbean folks.
The Fulton Mall has zoning that's ideal for tall towers, so the corridor is finally turning into a very dense, tall corridor of luxury residential towers. It'll be unrecognizable in a decade, though I suspect it'll always be a retail hub, given that's the transit nexus for Brooklyn for subway, bus and LIRR.