Yoel Goldman is bringing City Fresh Market to Crown Heights

Grocer will move into the 16K sf space below 608 Franklin Ave

New York /
May.May 09, 2018 04:15 PM
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.


Related Articles

arrow_forward_ios
Mack Real Estate Group's Richard Mack and JPMorgan's Jamie Dimon with a rendering of 123 Melrose Street (Credit: Getty Images and ODA Architecture)
Yoel Goldman sews up long-term funds for Rheingold Brewery Project
Yoel Goldman sews up long-term funds for Rheingold Brewery Project
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
arrow_forward_ios

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

Loading...