However, not everyone is impressed with Williamsburg's economic potential. Some, like Bellwether Gallery's director, Rebecca Smith, see more limitations than possibilities. "A lot of people think Williamsburg is cutting edge," Smith says. "It's not, it's just low risk, without being particularly experimental."

Frustrated with her inability to get Manhattan collectors to travel across the bridge, Smith is relocating to Chelsea, even though she runs one of the better-known galleries in the neighborhood.

Not surprisingly, many disagree with both her claims of poor foot traffic and her opinion of Williamsburg.

"She's going where the money is, and the power," artist Powhida says. "I don't blame her for wanting to sell her artists, but how good they are is up for debate. She's not all that cutting edge either."

Newsday/AP - Williamsburg comes of age