The Real Deal New York

Saks to expand to Brooklyn with new Sunset Park space

Department store taking 30K sf at Salmar's Liberty View
May 20, 2015 03:55PM

Saks Fifth Avenue is set to enter the outer boroughs with the opening of an outlet store in Brooklyn’s Sunset Park.

The department store has signed a letter of intent to bring an Off Fifth discount store to Salmar Properties’ Liberty View Industrial Plaza at 850 Third Avenue in Brooklyn. Saks plans to take roughly 30,000 square feet on the ground floor of the eight-story, 1.2 million-square-foot building.

Salmar acquired the long-vacant industrial center from the New York Economic Development Corporation for $9.4 million in August 2011 before performing a $100 million renovation on the site, according to the New York Observer. Liberty View is located near Jamestown’s 6.5 million-square-foot Industry City office and retail complex.

Bed Bath & Beyond signed a lease for around 120,000 square feet on Liberty View’s second floor last year, while electronics retailer Micro Center occupies roughly 30,000 square feet at the site. The remainder of the property’s space is dedicated to manufacturing and industrial use.

A CPEX Real Estate team led by Timothy King is in charge of leasing the retail space.

The Sunset Park outlet follows Saks’ announcement of another Off Fifth store to open at 1 Liberty Plaza in the Financial District in 2017. [NYO]Rey Mashayekhi