February 23, 2017
Brooklyn’s main shopping street is getting a major upgrade — along with higher retail rents.
Ten years ago, Fulton Mall had electronics dealers, a Macy’s store and retail rents averaging $150 to $199 per square foot. That made Fulton Mall the most expensive retail street in Brooklyn. Today, redevelopment has brought many new vendors to Fulton Street from Borough Hall to Flatbush Avenue, including factory stores for Ann Taylor, Banana Republic and the Gap — and retail rents from $250 to $299 per square foot, second only to Bedford Avenue in Williamsburg, according to CPEX.
Higher rents are probably coming with more redevelopment. Macy’s 1.9-million square foot City Point development on the Flatbush Avenue end of the mall includes a 125,000-square-foot Target store that opened Jan. 29, 2017. Also in the mix are Century 21, and Alamo Drafthouse Cinema.
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