(NEW YORK, NY) — How will the L-train shutdown impact Williamsburg’s residential market? The truth is, it already has. Back in September, StreetEasy reported that renters are paying around $250 less than in 2016 and around half of Williamsburg’s listings on StreetEasy are renting for lower prices than before news of the shutdown.
However, commercial real estate has seen steady asking rents for retail spaces. A report by the Real Estate Board of New York shows that while the average asking rent along Bedford Avenue between Grand Street and North Eighth Street dropped 11% since last year, it still has the highest average asking rent ($351 per square foot) for ground-floor retail among the top 16 Brooklyn retailed corridors surveyed.
Whether or not the L train will impact commercial real estate is something that will be determined once April comes around. While retail places continue to hold their own against the shutdown, there is no denying that the absence of the L train will drastically impact foot traffic. And, while we may not see the impact through price drops, a look at the rate of new commercial developments coming to the area will be crucial to understanding the effects of the L-train shutdown.