Source: Springboard

Transportation

Subway Ridership

Monthly ridership has recovered 86% of its ridership from pre-pandemic levels seen in March 2019. Subway rides that ended in Downtown Brooklyn during March 2023 have increased by nearly 15% year-over-year. On average, there are 11,600 more subway riders exiting stations in Downtown Brooklyn on a daily basis compared to March 2022.

While every subway station in Downtown Brooklyn saw notable monthly ridership increases since 2022, only the DeKalb Av station, which services the B, Q, and R lines, has fully recovered and exceeded pre-pandemic levels. In March 2023, the station exceeded pre-pandemic levels by 19%, which equates to about 1,500 more average daily riders than compared to March 2019.

Downtown Brooklyn Monthly Subway Ridership by Station, March 2019-2022

Citi Bike Ridership

Over 76,000 Citi Bike rides either began or ended at one of Downtown Brooklyn’s 21 Citi Bike stations in March 2023, representing over 9,500 additional rides and a 14.4% increase compared to March 2022.

The increase in cycling ridership correlates to the positive momentum in citywide bicycle transportation. Over the past year, Citi Bike has been adding capacity at existing stations across the city, as well as expanding deeper into the boroughs. Additionally, DOT’s redesign of Schermerhorn Street, including a two-way dedicated bicycle lane, has proven successful and led to a large boost in ridership. This helped lead to the greatest year-over-year increase in activity at the Nevins St & Schermerhorn St Citi Bike docking station, which saw a 78% increase in usage.

The top five Citi Bike stations in Downtown Brooklyn during March 2023 are 1) Hanson Pl & Ashland Pl (7,742 rides), 2) Fulton St & Adams St/Columbus Park (6,388 rides), 3) Court St & State St (5,558 rides), 4) Schermerhorn St & Hoyt St (5,075), 5) Lawrence St & Willoughby St (4,743).

Residential Developmentrentsoverview

As of Q1 2023, Downtown Brooklyn development includes:

• 141 projects completed since the 2004 rezoning, including over 22,000 residential units (including over 4,500 affordable units).

• 20 projects under construction with over 5,800 units (including 1,500 affordable units).

• 18 projects in the pipeline, including nearly 1,700 residential units (with over 500 affordable rental units).

22,005

5,803

1,679

Residential Rents Recently Completed

• Brooklyn Tower at 9 Dekalb Avenue: JDS Development has received a temporary certificate of occupancy for the 93-story, mixed-use tower, standing as the tallest structure in the outer boroughs. The building includes 150 market rate condos, 280 market rate rentals, and 120 affordable rentals. Rental tenants have begun to move in, while condo closings are expected to begin this fall. The Brooklyn Tower is integrated into the landmarked Dime Saving Bank, which will bring 150,000 sq. ft. of retail space, including Life Time Fitness. Full building completion is anticipated in late 2023.

Residential Rents Ongoing Construction

• The Alloy Block: Phase one of Alloy Development’s tower topped out in January 2023. The 44-story building will include 440 rental units, including 45 units of affordable housing. Phase one at 100 Flatbush Avenue, including the two schools, is expected to be completed in summer 2024. Phase two at 80 Flatbush Avenue will include a second, larger tower and will include residential, office space and a cultural center

• 240 Willoughby Street: Adjacent to The Brooklyn Hospital Center campus, Rabsky Group’s 30-story, 300-unit building at 240 Willoughby Street is quickly rising. The tower, fronting Fort Greene Park, will include 147 affordable units. Rabsky is also renovating the existing 21-story, 189-rental-unit tower at the site.

• • 595 Dean Street at Pacific Park: TF Cornerstone’s two-building, mixed-use development was recently completed and leasing has commenced. The development includes a 28-story east tower and a 23-story west tower, yielding a combined 798 rental units, of which 240 units are affordable. The building also includes a 60,000 sq. ft. Chelsea Piers Fitness Center and Field House, two acres of public park space, and a 455-vehicle parking garage.

• 625 Fulton Street: The structure of Rabsky Group’s 35-story residential building is ascending rapidly. The building will have 1,098 rental units, with 329 affordable units, 26,000 sq. ft. of retail space, and a 250-car parking garage. The building is anticipated to be completed in 2025.

RESIDENTIAL RENTS ONGOING CONSTRUCTION (continued)

• 15 Hanover Place: Lonicera Partners’ 34-story tower is quickly taking shape on the corner of Hanover + Livingston. The project will include 314 rental units, 95 of which are affordable. Completion is estimated in late 2024.

• 285 Schermerhorn Street: Construction continues at the redevelopment of the Brooklyn Community Services headquarters. Second Development Services is planning a renovation of the 7-story building for the nonprofit and an addition of 7 new floors that will have 129 condo units. Completion is set for 2024.

• 111 Willoughby Street: Foundation work continues at Triangle Equities/The Michaels Organization’s 40-story residential tower. The project will bring 227 rental units, 69 of which will be affordable. There will also be a 20,000 sq. ft. ministry center for the neighboring Oratory Church of St. Boniface. The site

Residential Rents Recently Started Construction

• 55 Willoughby Street: Foundation work for Lonicera Partners’ 42-story, 293-rental unit residential tower is underway. The tower will include nearly 107,000 sq. ft. of air rights transferred from 57 Willoughby Street.

• 9 Chapel Street: Tankhouse Development is nearly topped-out on a 12-story building that will include 27 market-rate condo units. Completion is estimated in late 2024.

• 131 Concord Street: Chess Builders has begun construction on a 13-story, 73-unit building. Completion is anticipated for late 2024.

• 356 Fulton Street: The site is being prepped for excavation at 356 Fulton Street. Extell is planning for a 43-story tower with 421 residential units and 100,000 sq. ft. of commercial space.

• 91 DeKalb Avenue: RXR recently completed demolition of the former parking garage and has begun excavation. Construction is slated to begin this summer on a 29-story, 320-unit tower (96 units will be affordable). Approximately 55,000 sq. ft. at the base will be used by Long Island University.

also included 16,000 sq. ft. of air rights transferred from 115 Willoughby Street. The development is slated for completion in Spring 2025.

• 180 Ashland Place/98 DeKalb: Rockrose continues foundation work on its 49-story residential tower. Located across from The Brooklyn Hospital Center, the tower will yield 569 rental units, 171 of which will be affordable. Completion is expected in 2025.

• The Brook at 565 Fulton Street: Witkoff and Apollo continue foundation work for The Brook at 565 Fulton Street. The 51-story tower at Fulton and Flatbush will have 591 rental units, including 178 affordable units. The project also includes 25,000 sq. ft. of retail space at the base of the tower and a jewel-box site next to Albee Square.

• 27 Rockwell Place: Brookstone Developers has begun construction on an 18-story building with 147 units.

• 101 Fleet Place: The Jay Group began environmental cleanup at the brownfield site in February 2023. Remediation is expected to last seven months. A 21-story, mixed-used tower is planned at the site and will have 292 units and 205,000 sq. ft. of commercial space.

• 362-370 Livingston Street: Developing NY State has begun demolition work on the existing 8-story building to make way for a proposed 22-story, 268-unit residential development. The building will include 7,162 sq. ft. of retail space.