Quote:
Originally Posted by THE BIG APPLE
...their property value is going to skyrocket because of this arena. Businesses are going to be booming after some 20,000 people finish attending a concert or show or just in general. This arena is going to change Brooklyn in a big way.
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I totally disagree. New sports bars on Flatbush will do an okay business, but that's about it. What is the area around MSG like? A craphole.
And as far as residential property rising because of the arena, I have two things to say about that:
1. residential properties in the immediate vicinity of the arena are LOSING value because no one wants to live across the street from an arena (truck traffic, trash, noise, periodic drunken fans rampaging through the streets, etc).
2. The main economic impact for the area will be from the new residents of the apartment buildings to be built someday on the site. New residents will indeed bring new customers to already vibrant shopping streets, such as Vanderbilt and Fifth Avenue, and that's definitely a good thing. Unfortunately, because the land was turned over to a single developer (who has no incentive to build quickly and glut the market), that development is likely to take a long time, putting any economic impact many years into the future. Look at the development of Riverside South which started construction in the late nineties and still isn't fully built out, despite the real estate boom.
All in all, this isn't a terrible location for an arena, and personally, I'm excited about the architecture of the building, but to say that "this is going to change Brooklyn in a big way" is just drinking the marketing koolaid. This is going to make a lot of money for Ratner and Prokhorov, possibly make a small net increase in sales taxes for the city and make a better venue for the rest of us to see a concert, but that's about it.