Wednesday, September 4, 2013

VICE Trumps Beacon's Closet in Never-Ending Williamsburg Real Estate Wars

Posted By on Wed, Sep 4, 2013 at 11:13 AM

Live long and prosper in Greenpoint, lil guy.
  • Live long and prosper in Greenpoint, lil' guy.

In yet another sign of the times, the Williamsburg outpost of Beacon's Closet—home of miraculously cool-looking pleather jackets and this very special hamburger shirt—is being priced out of its 11-year home on North 11th Street and moving northward to the Great Beyond known as "Greenpoint."

"It seems like a lot of landlords are assigning arbitrary pricing to their spaces and just waiting to see what big fish or national chain will come and take the bait," Beacon's founder Carrie Peterson told Crain's. Neil Dolgin, co-president of the company who owns Beacon's new space at 74 Guernsey estimates that the going rate for retail space on Williamsburg side streets is $60 a square foot; that's six times the amount they were a decade ago. But in a cruel trick at the hands of the hipster gods, neither Duane Reade nor a luxury condo developer is sweeping in to take over the 11th Street storefront; it's Beacon's hipster-friendly, next-door neighbor VICE, continuing their plot to take over the world, or at least expand their office space. (They're a kajillion-dollar company now, if you recall, so don't worry about them having to pay so much rent.) In conclusion, the bubble has burst. Long live the bubble.

Follow Lauren Beck on Twitter @heylaurenbeck.

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