Court Street’s transformation into a chichi shopping destination for Brooklyn’s affluent has been well documented. But this deal takes the cake.
Venture capital-backed residential brokerage Compass is taking over a space formerly occupied by one of Cobble Hill’s most beloved Bohemian shops, the Community Bookstore, which closed in April after more than 30 years, the company told told The Real Deal.
The 1,600-square-foot space, on the ground floor of a three-story brownstone at 212 Court Street, will serve as the three-year-old firm’s third Brooklyn office, accommodating about 20 agents. The new Compass office is within two blocks of the offices of Compass’ competitors Douglas Elliman and Ideal Properties Group on Court Street.
The space is slated to open in early 2017. It will be managed by Patrick Brennan, who also heads the firm’s Williamsburg and Park Slope locations.
Compass declined to comment on the terms of the lease. A recent report by the Real Estate Board of New York found that rents along the Court Street corridor between Atlantic Avenue and Carroll Street were some of the priciest in the borough, averaging around $162 per square foot.
The famed Community Bookstore was once filled with stacks of old books and vintage records, which spilled out onto the sidewalk. The bookstore’s owner John Scioli sold the building for $5.5 million last year to Baruch College professor and real estate investor Dr. David Sitt (who is not related to members of Thor Equities or Sitt Asset Management).