TRANSPORTATION PEDESTRIAN + COMMUTER ACTIVITY

During the second quarter, total monthly foot traffic across the district reached 75% of the pre-pandemic levels, with June being the best-performing month since the beginning of the pandemic. In June 2023, the monthly pedestrian activity in Downtown Brooklyn surpassed the levels observed in June 2022 by an impressive 13%, resulting in an average of almost 8,000 more pedestrians per day. Foot traffic sensors at One MetroTech Center and the corner of Smith & Livingston Streets saw large increases in foot traffic, returning 27% and 39% increases respectively year-over-year.

Downtown Brooklyn continues to experience its highest levels of activity on weekdays and has demonstrated a more pronounced recovery from the pandemic compared to weekends. Weekdays in June have reached 78% of the pre-pandemic levels, whereas weekends have only recovered 65%. Afternoons have seen the most substantial recovery from the pandemic compared to other times of day, accounting for 81% of the prepandemic levels. Thursdays were the busiest days throughout the district in June.

Transportation

Subway Ridership

In June, monthly total subway ridership in Downtown Brooklyn witnessed a significant increase of 12% compared to the same period last year. On average, there were 9,800 more daily riders in June 2023 than in June 2022. Currently, ridership has reached 67% of prepandemic levels across all Downtown Brooklyn stations.

Weekends performed stronger than weekdays, seeing a 15% increase in weekend ridership year-over-year, compared to an 11% increase in weekday ridership. Although weekday subway ridership trailed behind weekends, mornings from 8 am to 12 pm still experienced a substantial 17% increase year over year.

With the exception of the stations at Atlantic Av-Barclays Center at 9% and DeKalb Av station at 5%, all stations observed double-digit year-over-year increases. Both the Borough Hall/Court St and Nevins St stations saw the most significant spikes in ridership at 18%.

Over 104,000 Citi Bike riders began and ended at one of Downtown Brooklyn’s 19 Citi Bike stations in June 2023, representing a 2.5% increase year-over-year.

Since 2019, Citi Bike usage increased 175% in Downtown Brooklyn, with the increase correlating to the popularity of bicycle transportation citywide. Over the past year, Citi Bike has been adding capacity at existing stations and expanded further into the boroughs. DOT has also added bike infrastructure with the redesign of Schermerhorn Street.

Source: MTA

The top five Citi Bike stations in Downtown Brooklyn during June 2023 were Hanson Pl & Ashland Pl (11,186 rides); Fulton St & Adams St (8,461 rides); Schermerhorn St & Hoyt St (8,177 rides). Court St & State St (7,733 rides); and Lawrence St & Willoughby St (6,956 rides).

Residential Developmentrentsoverview

As of Q2 2023, Downtown Brooklyn development includes:

• 141 projects completed since the 2004 rezoning, including over 22,005 residential units (of which 4,510 units are affordable), 2.7 million sq. ft. of office space and 2.4 million sq. ft. of retail.

• 21 projects under construction with over 5,900 residential units (1,500 of which are affordable) and 230,000 sq. ft. of retail.

• Another 19 projects planned, including nearly 1,700 residential units (of which 390 will be affordable).

22,005

5,954

1,763

Residential Rents Ongoing Construction

• The Alloy Block at 100 Flatbush Avenue: 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 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 topped out. 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. The new tower is slated for completion in mid-2024.

• 625 Fulton Street: The structure of Rabsky Group’s 35-story residential building is ascending rapidly, recently surpassing the halfway mark. The building is expected to top out later this summer. 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.

• 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, and 9,000 sq. ft. of retail space. Completion is estimated in late 2024.

• 111 Willoughby Street: Triangle Equities/The Michaels Organization’s 40-story residential tower is beginning to rise from its foundation. 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 also includes 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.

RESIDENTIAL RENTS ONGOING CONSTRUCTION (continued)

• 9 Chapel Street: Tankhouse Development has topped out on its 13-story building that will include 27 market-rate condo units. Completion is estimated in late 2023.

• 131 Concord Street: Bruklyn Builders has topped out on its 13-story, 73 rental unit building. The building, located at the base of the Manhattan Bridge, will have 8 parking spaces. Completion is anticipated for late 2023.

Residential Rents Recently Started Construction

• 55 Willoughby Street: Foundation work continues for Lonicera Partners’ 38-story, 295-rental unit residential tower. The building will include 89 affordable units and 3,500 sq. ft. of retail space. Nearly 107,000 sq. ft. of air rights were transferred from 57 Willoughby Street.

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

• 89 DeKalb Avenue: RXR completed demolition of the former parking garage and has begun excavation on a 30-story, 324-unit tower (97 units will be affordable). Approximately 55,000 sq. ft. at the base will be used by Long Island University.

Residential Rents Newly Announced Developments

• 229 Duffield Street: Webster Apartments, a 501c3 nonprofit organization that provides temporary, furnished housing to women who are in school, internships or trainings, purchased the former 130room Hotel Indigo for $40.9 million from Lam Group. The group will seek a change of occupancy from hotel to residential and plans to occupy the building in early 2025.

• 19-27 Rockwell Place: Brookstone Developers has begun construction on an 18-story building with 147 units. The previous building has been demolished and foundation work has begun.

• 101 Fleet Place: The Jay Group continues environmental cleanup at the brownfield site that began 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, 105unit residential development. The building, located at the corner of Flatbush Avenue, will include 7,162 sq. ft. of retail space.

• 150 Lawrence Street: Twin Group Associates filed plans for a 25-story residential building. The tower will have 101 condo units and 8,200 sq. ft. of retail space. Demolition of the existing four-story building is underway.