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The Changing Face of South Brooklyn: Montague Street Roulette
by Mark D Phillips
Blink your eyes and something changes on Montague Street.
Businesses close, open and change their locations at a dizzying pace.
As the price of South Brooklyn real estate keeps rising, Montague Street reflects the trend. The merger and acquisition of the Brooklyn real estate firms by
larger Manhattan and nationally based firms, started by the arrival of Corcoran Real Estate on Montague Street, created a domino effect.
And in a twist that includes Shakespearean tragedy, the property at 129 Montague Street, the former Waldenbooks, became BrownHarrisStevens Real Estate. The ornate building of
7,200 square feet property was sold in late 2005 by the investment group 129 Montague L.L.C. to another investment group,
129 Capulet L.L.C. The principals of 129 Capulet L.L.C. are also the principals of Terra Holdings, owners of both Brown Harris Stevens and Halstead Property, two of the Real Estate firms on the block.
The play on Shakespeare was not lost on Bill Ross who handled both ends of the transaction.
William S. Ross Real Estate, owned by Bill Ross, became Halstead Property and moved to street level from their long standing home at 156 Montague Street above Annie's Restaurant to
150 Montague Street, the FORMER location of BrownHarrisStevens. In the same blink of an eye, Annies Restaurant closed, and Prudential Douglas Elliman moved in (after acquiring Marilyn Donahue Realty). And another restaurant, Centro, disappeared and was replaced
by Sleepy's The Mattress Professionals, moving down from its second floor location two doors over.
PHEW.....Let's try to keep this straight. |
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Just when you thought everything was calming down, the newest resident of Montague Street brought an empty space back to life. Ann Taylor Loft renovated and created a
new anchor to the center of Montague Street, turning the Montague Mews into a new destination. |
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The corner of Montague Street and Henry Street, has seen the biggest changes in the neighborhood. Since the closing of Waldenbooks and the Gap, the corner had seemed abandoned for over a year.
"In the last two to three years, Montague Street has had an unusual real estate scene," said Bill Ross. As president of the Montague Street
Business Improvement District and Executive Director of Sales at Halstead Property, Ross has a unique perspective into the Montague Street dynamic. "We saw a lot of long leases come due,
and with the new numbers that Montague Street commands, a lot of the small mom and pop stores just couldn't do it."
This new corporate landscape on Montague Street brings a much different type of storefront. With rents in excess of $100 per square foot, restaurants are unprofitable. As brownstones became pricier,
many chainstores in Manhattan began to look at the changing consumer living and coming to work in Brooklyn Heights.
"Ann Taylor Loft is doing phenomenal business. It was a good fit to the neighborhood," said Ross. "The UPS Store was needed, TastiDlite and Fishs Eddy - People just like them. They have
been good for the neighborhood." (Newcomers Fishs Eddy, UPS Store, and Tasti DLite all joined the community during 2005.)
Montague Street has always been the heart of Brooklyn Heights. Over its history, Montague Street has passed through many variations.
In 1941 Robert Moses and the New York City Planning Commission proposed the construction of the Brooklyn-Queens Expressway (BQE)
right through the middle of Brooklyn Heights. Not surprisingly, the community successfully opposed this plan.
Four years later the Commission returned with another proposal: a six-lane highway level with the present Promenade. Again, there was community opposition. One resident, whose private garden would
be destroyed by the arterial highway, suggested that a double-decker highway be constructed with a "cover," protecting the gardeners' plots from smog and noise. Moses liked this idea, but to the
residents' chagrin, made the cover a public promenade, which was dedicated on October 7, 1950. The Brookly Heights Promenade became one of Montague Streets premier selling points.
View the Promenade at Sunset in this QTVR courtesy
of the Montague Street BID.
 And not just for tourism. The housing gold rush hit Brooklyn Heights like a freight train. Brownstones in Brooklyn Heights, and all the way south to Carroll Gardens, suddenly became some of the most
desirable property at ridiculous prices. Paying $2million for a shell was not unheard of, with a $1million renovation. All these residents flock to Montague Street and the Promenade for
shopping, entertainment, and playdates.
Each first Saturday in October, the Montague Street BID presents
the Montague Street Arts Festival, a daylong event featuring outdoor music concerts,
puppetry, storytelling, art exhibits, and other fun activities presented by area cultural groups, including Arts at St. Ann's, the Brooklyn Historical Society, the Rotunda Gallery,
the Brooklyn Heights Orchestra, BRIC Studio, the Brooklyn Arts Council, the Heights Players, and the Brooklyn Public Library.
"Montague Street will always be the heart of Brooklyn Heights," said Ross. "And it will only get better." |
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Access our Story Archive:
William Wegman surprises and amuses
The Changing Face of South Brooklyn: The Gallery Players bring Broadway to Park Slope
Manufactured Landscapes: The Photographs of Edward Burtynsky
The Sopranos invade Brooklyn
150 years of tradition ends in Cobble Hill |
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Produced by
SouthBrooklynInternet. All material ©2005. No reuse without permission.
All photographs ©Mark D Phillips - southbrooklyninternet.com |
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