Ann Taylor to dress up Fulton Street corner in Brooklyn

Retailer signs 6K lease with United American Land on Fulton Street Mall

New York /
Mar.March 11, 2016 08:30 AM

Ann Taylor sewed up a lease on Brooklyn’s Pricey Fulton Street Mall, where the women’s clothier plans to open a factory store.

The retailer signed a lease for just shy of 5,900 square feet at United American Land’s 447 Fulton Street on the corner of Jay Street, where the asking rent was $375 per square foot.

Ann Taylor, named after one of the company’s best-selling dresses, plans to open an outlet-style store at the location.

“The fact that Ann Taylor chose this prime location as its first Factory concept store further validates the shopping power of Fulton Street as Brooklyn ‘s premier shopping destination,” said United American’s Albert Laboz, who is also chairman of the Fulton Mall BID.

Michael Friedman of Inline Realty represented both sides in the deal.

The women’s clothing chain already has a factory store in Queens, but Laboz said that was converted from a traditional mainline store, and if the factory concept proves successful the retailer will launch further locations.

The company, Which Was Recently Acquired By Lane Bryant owner Ascena Retail Group for $2.1 billion, gave up its “Gold Coast” Madison Avenue location in 2014. It joins a growing list of retailers targeting the lower-priced segment of the retail market with outlet locations that include department-store brands such as Nordstrom, Saks Fifth Avenue and Bloomingdale’s.

Ann Taylor is also the latest national retailer to plant its flag on Downtown Brooklyn’s premier shopping strip, which has been undergoing a makeover in recent years.

The Fulton Street Mall, stretching eight blocks from Adams Street to Flatbush Avenue, commands the second-highest asking rents in Brooklyn, behind only Bedford Avenue in Williamsburg.

Asking rents on Fulton average between $250 and $350 per square foot, according to CPEX Real Estate’s recent retail report for the borough.

Big-name brands like Forever 21 and Nordstrom Rack are replacing local shops, and projects like Tishman Speyer’s redevelopment of the Macy’s on Fulton Street and the mixed-use City Point project promise to further the area’s change.


Related Articles

arrow_forward_ios
Madison Realty Capital's Josh Zegen and 625 Fulton Street in Brooklyn (MRC, Google Maps)
Rabsky lands $450M loan for DoBro towers
Rabsky lands $450M loan for DoBro towers
Richard and Isaac Chera with 9 Hanover Place (Getty, Google Maps)
Facing lawsuit from Crown, private school in Brooklyn closes suddenly
Facing lawsuit from Crown, private school in Brooklyn closes suddenly
Davis Companies CEO Jonathan Davis and 570 Fulton Street (Davis Companies, Google Maps)
Davis Companies files plans for 45-story DoBro tower
Davis Companies files plans for 45-story DoBro tower
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Maddd Joy: Madruga, Weiss file plan for DoBro tower
12 MetroTech Center with Davidson Kempner Capital Management's Anthony A. Yoseloff (Getty, Brookfield)
Joint venture closes $128M deal at 12 MetroTech Center
Joint venture closes $128M deal at 12 MetroTech Center
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
Paul Travis, managing partner at Washington Square Partners, and Brooklyn's City Point (Getty, Google Maps)
Brooklyn’s City Point signs 62K-sf lease with school
Brooklyn’s City Point signs 62K-sf lease with school
Ben Bernstein and David Zalaznick (iStock, ICSC, Columbia)
Bernstein and Zalaznick’s firm says stakes in Brooklyn, Miami projects now worthless
Bernstein and Zalaznick’s firm says stakes in Brooklyn, Miami projects now worthless
arrow_forward_ios

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

Loading...