The Real Deal New York

Yoel Goldman is bringing City Fresh Market to Crown Heights

Grocer will move into the 16K sf space below 608 Franklin Ave
By David Jeans | May 09, 2018 04:15PM

Harrison Balisky and the Dean at 608 Franklin Avenue

Harrison Balisky and the Dean at 608 Franklin Avenue

All Year Management has snagged a retail tenant for its block-long Crown Heights rental building the Dean, signing grocer City Fresh Market to a 16,000-square-foot-lease.

City Fresh Market, which has over a dozen stores in the New York City area, will move a grocery into a 16,175 square foot, bottom floor retail space under the name Food Garden Market. The tenant will occupy the majority of the roughly 20,000 square feet of retail space available. The deal includes a basement section that the supermarket plans to use for storage and customer space.

Nestled between Bergen and Dean streets, the 120-unit rental property at 608 Franklin Avenue was developed by Yoel Goldman after he acquired the site from Crow Hill Development for $17.5 million in 2014.

It will easily be the largest supermarket in Crown Heights, according to EXR Group’s Harrison Balisky, who along with colleague and Mac Posner, represented landlord in the transaction. City Fresh paid in the mid-$40s a square foot for the total space on the 30-year lease, according to Balisky.

“It’s a hot spot for retail right now, so this lease is big deal for this kind of area,” said Balisky, who added that City Fresh planned to spend big on fitting out the space. VIP Realty represented the tenant in the deal.

A further 2,150 square feet of retail space at the Dean has been leased to a veterinarian’s office, and there remains another 4,350 square feet of retail space still up for grabs.