A Rolls Royce parked outside Bally
By Helen Pointer
Crain’s New York, a popular business publication, named Sheepshead Bay a top choice for service businesses looking for a booming environment.
The article cites the low rents (retail space can fetch $30 to $50 a square foot) and small service businesses need a swelling population to thrive. Immigrants from Russia, Turkey, Greece and the Middle East have flooded into Sheepshead Bay in the past decade.
The area added 11,042 jobs between 1997 and 2007—a 53% increase that dwarfed the city’s overall 9.2% rise over the period, according to the Center for an Urban Future.
“There is a certain vibrance in the community,” Tom Flemming, a store owner in Sheepshead Bay, told the View. “Considering the economic downturn, Sheepshead Bay really didn’t feel it yet, thank God.”
This report comes after the transaction for the Bay News Headquarters closed at $3.1 million, said Brian Hanson, a broker for Massey Knakal. The building is 51 feet wide and contains approximately 9,843 square feet. It is located at 1733 Sheepshead Bay Road and went for a whopping $310 per square foot.
