The Real Deal New York

Wholesome Foods (no, not Whole Foods) to replace dollar store in Crown Heights

Grocer paid $65 per square foot, more than three times the previous tenant
December 14, 2015 08:13AM

Neighborhoods change slowly, one building at a time.

Wholesome Foods, a high end grocery, signed a 15-year lease to take 2,700 square feet at 1306 Atlantic Avenue in Crown Heights.

The company will pay rent of $65 per square foot, a sharp increase over the $20 per square foot paid by the previous tenant, a dollar store.

Joe Robinson of Eastern Consolidated represented the landlord, named as Nostrand Atlantic Holdings LLC in public records.

Commercial tenants in Crown Heights have paid about $30 per square foot.

“But as we see more development in the neighborhood, landlords are taking notice that they can bring in upscale tenants and increase the value of the rental apartments above,” Robinson told the Wall Street Journal. “Sixty-five dollars per square foot… that’s where the market is now.”

Wholesome Foods runs another location in Prospect Lefferts Garden at 534 Flatbush Avenue. [WSJ]Ariel Stulberg