Rezoning Gives Retail a Shot in the Arm
“Retail follows rooftops,” the old saying goes. In New York City, the truism may well be that “retail follows rezoning.” A report from GFI Realty Services finds rezoning initiatives are helping to strengthen the retail sector in several New York City neighborhoods amid the e-commerce boom.
Titled “The Rezoning Project: Remixing the NYC Landscape,” the report predicts an influx of marquee brands in up-and-coming—and recently rezoned–neighborhoods such as Far Rockaway in Queens, East Harlem (pictured) and Inwood in Northern Manhattan, and Gowanus in Brooklyn. It cites examples of rezoned Brooklyn neighborhoods such as Greenpoint, where ground-floor retail rents spiked 42% year over year in 2017.
“The evolutions of both the broader retail sector and the neighborhoods examined in our report underscore the resilient nature of New York City real estate, and the unbreakable tie between neighborhood revitalization and a robust retail scene,” said research analyst Justin Fitzsimmons at GFI.
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