Crown Heights general store pushed south by rent hike

New York /
Oct.October 29, 2013 12:38 PM

A bit of Crown Heights rebranding, along with soaring rents north of Eastern Parkway, is pushing one retailer south.

Owl & Thistle General Store, which sells local and environmentally-friendly products, has inked a deal at 833 Franklin Avenue. The new spot for the store is south of Eastern Parkway and larger than its previous space at 720 Franklin Avenue, Crain’s reported.

The asking rent, at $53 per square foot, is a step down from the $60 to $70 per square foot typical of spaces north of the Parkway, brokers told Crain’s.

“They’re calling it Prospect Heights even though it’s technically all Crown Heights,” Kristina Triglia, a CPEX Real Estate broker who represented landlord BCB Property Management in the transaction, told Crain’s of the area.

George Danut, also of CPEX, represented Keri Cavanaugh, owner of Owl & Thistle, in the transaction. To stay in her former spot at 720 Franklin, Cavanaugh said, the landlord wanted to double her rent for a one-year lease and triple it for a two-year agreement. [Crain’s]Julie Strickland


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