How Does Barclays Center Affect Brooklyn?

There has been much talk about the new arena in Brooklyn. The new home of the Brooklyn Nets: Barclays Center. The multi-million dollar arena is set to be one of the best places to play basketball. Even Deron Williams called it a "baller's paradise" and it has not even been built yet! With that said, there has been lesser talk among non-Brooklynites on what that means for the borough of Brooklyn.

A post in the Commercial Observer talked about Brooklyn and its recent growth and the arena was inevitably brought up. But is it an affect of the arena, or Brooklyn? One of the rising top brokers says its Brooklyn.

The draw for Brooklyn is the borough itself, he says, and not the so-called residual value that will be created by the impending debut of Ohio-based developer Forest City Ratner’s Atlantic Yards Development, which other brokers and developers have been boasting about ever since the Barclays Center broke ground in 2010.

“I think that’s hogwash,” he said of the shared benefits of the Atlantic Yards development on residential real estate. “I don’t think it’s going to affect residential rates at all. You can argue that it could decrease rents.”

“It has sort of insulated and propped up the retail in the surrounding corridors that were trying to find their identity,” Mr. Palmese said. “So yes, it has had a positive effect for retail, but I think it has a negative effect on residential.”

And why not? That's why the arena is being built there in the first place. Atlantic Yards Reports writes a nice short response, explaining which retails will likely benefit and about the residency.