Thu. Sep 21st, 2023
    Brooklyn Dominates New York City’s Largest Retail Leases

    Brooklyn proved its retail prowess by securing five out of the ten largest retail leases in New York City last month, including the coveted number one spot. Joseph Sitt, a prominent landlord from Gravesend, Brooklyn, also earned a place on the list. Sitt is currently involved in a bid to develop a casino and entertainment complex on Coney Island, his former stomping grounds.

    The top ten list featured an array of diverse tenants, ranging from grocery stores to fashion houses to bathhouses. These retail leases provide a glimmer of hope in an industry struggling with declining office spaces and a distressed multifamily sector.

    One notable lease was secured by The Fresh Grocer, a New Jersey-based grocery store. The store signed a new lease in Brooklyn Heights, occupying a space of 21,000 square feet. The tenant was represented by Jeffrey Lopez and Steve Lorenzo of Lee & Associates NYC, while Ian Lerner of Cushman & Wakefield represented the landlord, Raymond Chera’s RMC Assets.

    Another lease extension involved Tailor Public House, a multi-floor tavern located in Hudson Yards. The extension was facilitated by Jeffrey Gural’s GFP Real Estate, which represented both the tenant and the landlord in-house.

    In Brooklyn Heights, Changing Tomorrow Childcare Academy inked a 15-year lease, with the option to extend for an additional five years. The building’s landlord is Sitt’s Thor Equities.

    Bucatini, a tenant located in Grand Central, also signed a lease for 9,000 square feet. James Famularo of Meridian Retail Leasing represented both the tenant and the landlord, the Moinian Group.

    Other leases included Flatbush Adult Daycare in Flatbush, Othership in Williamsburg, Caffè Panna in Greenpoint, 375 Showroom in Soho, 45R in Soho, AllSaints in the Meatpacking District, and Mitsuki Japanese Market in the Financial District.

    The dominance of Brooklyn in securing these leases highlights the borough’s growing popularity as a retail destination. With a diverse range of tenants and the presence of prominent landlords, Brooklyn continues to solidify its position in New York City’s retail market.

    – Multifamily sector: The real estate sector that focuses on residential properties with multiple units, such as apartments and condominiums.
    – Lease extension: The renewal or extension of an existing lease agreement for a property.

    – Original source article