Brooklyn-based developer Bawabeh Realty Holdings plans to convert the retail component of six properties along Fulton Street in Bedford-Stuyvesant into a strip of upscale restaurants and boutique shops.
Bawabeh would first replace the current tenants – a T-shirt vendor, sneaker store, beauty shop and nail salon – that occupy the 1,000-square-foot, ground-floor spaces at 1347-1353 and 1359-1361 Fulton Street between Marcy Avenue and Verona Place. One of the retailers, New York French Cleaners, hoped to sign a long-term lease next year.
Broker Robert Earl of the Inhouse Group is handling marketing for the landlord, according to the New York Daily News. Asking rents are expected to be $50 to $55 per square foot for the new retail tenants.
Earl told the Daily News that the residential tenants are not being asked to vacate.
In February, Bawabeh sold a 428,550-square-foot vacant parcel near the Gateway Center in East New York for $40 million after scrapping plans to build a big-box retail complex, as The Real Deal reported. [NYDN] — Mark Maurer