Shake Shack in talks to open first Williamsburg outpost

Danny Meyer chain is among several craving space at BrooklynBoss' 661 Driggs

New York /
Oct.October 27, 2015 04:45 PM

Shake Shack is eyeing a Williamsburg outpost at a two-story building just off Metropolitan Avenue, sources said.

Danny Meyer’s popular burger chain has expressed interest in the 11,500-square-foot property at 661 Driggs Avenue, but is one of several prospective tenants in talks for the space, according to insiders familiar with the negotiations. Other restaurants and fashion brands have also checked it out.

BrooklynBoss Properties, a Soho-based retail-focused investment firm, acquired the building in July for nearly $5.7 million, or north of $1,000 per square foot. There is 4,300 square feet on the ground floor and 15,500 square foot of buildable space overall.

Dennis McCormack, a managing partner at BrooklynBoss, said the firm would renovate the building to fit the tenant. Depending on the tenant’s space needs, BrooklynBoss is considering adding an extra floor to include a residential component, said McCormack, who declined to comment on the status of negotiations.

Asking rent for the building’s retail is about $135 per square foot, McCormack said.

For years, the property housed Puccio Marble & Onyx, a wholesaler of building supplies. The Puccio family owned it for more than 45 years, records show.

CBRE’s Jeremy Scholder and Dean Rosenzweig are representing Shake Shack, while Francesco Bardazzi of PD Properties is representing BrooklynBoss. Representatives for CBRE and Shake Shack declined to comment.

Shake Shack has three Brooklyn locations – in Dumbo, Downtown Brooklyn and Park Slope. News outlets reported in 2014 that Shake Shack was coming to North 4th Street and Berry Street, but a spokesperson at the time denied it.

The company, which has more than 50 locations worldwide, signed a lease last year for a 3,265-square-foot space at Empire State Realty Trust’s 1333 Broadway in Herald Square, slated to open in 2016.

BrooklynBoss’ holdings in the neighborhood include 317 Wythe Avenue, 276 Grand StreetAnd 47 Grand Street. In August, Peruvian restaurant Brasa signed a lease at 317 Wythe, where the rent is $117 per square foot, McCormack said.


Related Articles

arrow_forward_ios
From left: Fifth Wall’s Brendan Wallace, Tishman Speyer’s Rob Speyer, Social Capital’s Chamath Palihapitiya, Cantor Fitzgerald’s Howard Lutnick, Pershing Square Capital’s Bill Ackman and Opendoor’s Eric Wu
Making sense of the SPACe race
Making sense of the SPACe race
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Global real estate investment bounced back in Q4
Global real estate investment bounced back in Q4
(iStock)
Manhattan asking retail rents continue downward spiral
Manhattan asking retail rents continue downward spiral
RedSky Principal Benjamin Bernstein and a section of the prooperties along N6th in Williamsburg. (RedSky)
RedSky hands over Williamsburg retail portfolio valued at $145M
RedSky hands over Williamsburg retail portfolio valued at $145M
Miki Naftali of Naftali Group and 470 Kent Avenue (Getty; Google Maps)
Naftali Group files plans for 400-unit towers in Williamsburg
Naftali Group files plans for 400-unit towers in Williamsburg
Shadow inventory in Manhattan’s flex-office market is contributing to the rising overall availability rate (iStock)
WeWork and Co’s woes add to rising shadow office inventory
WeWork and Co’s woes add to rising shadow office inventory
CBRE CEO Robert Sulentic (iStock)
CBRE lowers SPAC IPO valuation target to $350M
CBRE lowers SPAC IPO valuation target to $350M
CBRE CEO Robert Sulentic (Getty, iStock)
CBRE latest real estate firm to hop on SPAC bandwagon
CBRE latest real estate firm to hop on SPAC bandwagon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...