The Real Deal New York

Trader Joe’s coming to City Point project in Downtown BK

Grocery store to be located near the DeKalb Market Hall
September 16, 2015 05:20PM

Obscenely popular and often-packed grocery store Trader Joe’s is taking 13,700 square feet at Acadia Realty Trust and Washington Square Partners’ City Point development in Downtown Brooklyn.

The grocery store is expected to open next year and will be located on the concourse level of the 1.8 million-square-foot, mixed-use complex’s retail component. Trader Joe’s will be located near the DeKalb Market Hall, while the upper floors at City Point are set to house a Century 21 department store, a 125,000-square-foot CityTarget and an Alamo Drafthouse Cinema.

Rents on the concourse level range from $40 to $75 per square foot, Acadia’s Christopher Conlon told the New York Post. Remaining vacancies on the level include two availabilities of 2,600 square feet and 6,000 square feet, with Acadia pushing for a restaurant to occupy one of the spaces.

California-based Trader Joe’s opened its first New York location near Union Square in 2006, following that with a Cobble Hill store in 2008. The grocer will also open a Williamsburg location, having recently signed on for 18,000 square feet at 206 Kent Avenue.

Gary Barnett’s Extell Development acquired the last development site at City Point earlier this year, paying $120 million to Acadia and Washington Square with the likely goal of building a rental tower that could reach 60 stories. [NYP, 4th]Rey Mashayekhi