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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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).