The Real Deal New York

Cosmetics firm pays record retail rent for Bedford Ave. space

Space NK is the first to pay more than $400 per sf in BK: report
November 08, 2016 10:05AM

London-based cosmetics company Space NK inked a lease at 229 Bedford Avenue for more than $400 per square foot, setting a record for Brooklyn.

The space spans 1,350 square feet across the basement and ground floor, Commercial Observer reported. Brokers from Lee & Associates represented landlord Peter Gillespie in the deal, which runs 10 years.

They told the CO that the deal was for more than $400 per square foot, a record high for retail rents in the borough. They declined, however, to provide the specific amount. The asking rent for the space was $480 per square foot.

Space NK — which has stores in Soho at 31 Prince Street and on the Upper East Side at 968 Lexington Avenue — was represented by Isaacs & Co.

Retail rents in Brooklyn have been climbing over the past year.  According to the Real Estate Board of New York, Bedford Avenue between Grand and North 12th streets has the highest asking rents in Brooklyn. Asking rents there hit $373 per square foot — a 7 percent rise over last year — according to REBNY’s Brooklyn retail report in September.

In July, Ritual Cosmetics inked a lease to pay $325 per square foot at 117 North 6th Street[CO]Miriam Hall