Questions Linger on Whether Barclays Is Good for Brooklyn Businesses
Friday, February 13, 2015
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Empty storefronts on 5th avenue face Barclays Center in downtown Brooklyn. Landlords say these are signs of business boons to come. (Julia Longoria/WNYC)
Depending on the Brooklynite you talk to, the borough's two-year-old arena is a either a gorgeous "glowing icon" of a new booming Brooklyn or the "ugly rusting spaceship" that's invaded the neighborhood and abducted mom-and-pop shops in its wake. At this point, economists say, it's all speculation.
The city said Barclays pumped up to $251 million into the community and $14 million in city tax revenue in its first year, but Deputy Director of New York City's Independent Budget Office George Sweeting says it's still unclear what the city figures mean. Questions remain unanswered, he says, including how the arena has affected the surrounding ecosystem. "Those measurements will take a long time for us to ever get even reasonable estimates on," and even those estimates will be rough, he said.
In neighborhood shops, the results are mixed. Junior's Restaurant saw a surge in customers, said owner Alan Rosen. But others say new business isn't keeping up with rising rents in the area, and some have had to close their doors.
