The Real Deal New York

Apple inks 10-year lease for new store at Two Trees’ 300 Ashland

Tech giant first eyed Fort Greene space in proposed 32-story tower in 2013

November 02, 2016 06:00PM
By Mark Maurer Twitter_logo_blue copy

BAM

Rendering of 300 Ashland Place (credit: VisualHouse), the Apple Store in Williamsburg and Tim Cook (credit: Apple)

UPDATED, 8:49 p.m., Nov. 2: Apple locked in a deal for its next Brooklyn store location – at the base of Two Trees Management’s new 32-story mixed-use tower 300 Ashland in Fort Greene.

The tech giant inked a 10-year lease for about 12,000 square feet at the 500,000-square-foot property at 300 Ashland Place, formerly known as BAM South, sources told The Real Deal.

The deal had been in the works for some time: Negotiations began almost three years ago when Apple first checked out the site. Since then, Apple signed a lease for its first Brooklyn store – at 247 Bedford Avenue in Williamsburg – which finally opened in July.

There was no asking rent, as it was an off-market deal. But asking rent for the rest of the tower’s retail is about $150 per square foot, sources said.

Christopher DeCrosta of Crown Retail Services represented Apple. DeCrosta and Two Trees TRData LogoTINY could not be reached for comment, while an Apple spokesperson declined to comment.

RKF’s Barry Fishbach, Alex Beard and Ike Bibi are marketing the remaining 43,000 square feet of the 55,000-square-foot retail component, though they were not involved in this deal.

Elsewhere in the city, there are seven Apple stores in Manhattan, one in Queens and one on Staten Island.

Leasing began in July for the 379 rental apartments at 300 Ashland Place, 76 of which will be affordable. Move-ins are slated for sometime this fall. The project will also include a BAM movie theater, a new Brooklyn Public Library branch, a 651 Arts dance studio and a 10,000-square-foot outdoor public plaza. Two Trees secured $168 million in construction financing from JPMorgan, M&T Bank, Wells Fargo and a New York state agency in 2014.

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