The Real Deal New York

Yoel Goldman lands 15K-sf Foodtown to anchor Rheingold Brewery project

Grocery store to open at the base of 433-unit Denizen rental building
By Rich Bockmann | November 30, 2018 03:30PM

Renderings of Denizen Bshwk at 54 Noll Street in Bushwick (Credit: ODA Architecture)

All Year Management’s massive rental development on the site of the former Rheingold Brewery in Bushwick will have a 15,000-square-foot Foodtown grocery store anchoring its retail component.

Yoel Goldman’s company signed Foodtown to a 50-year lease at the base of the 433-unit 54 Noll Street, which the developer has dubbed “Denizen Bshwk,” a representative for the project told The Real Deal.

The grocery store will include a sushi bar, freshly made sandwiches, a buffet, a carving station and a craft beer selection. It will also include a “modified interior design” – a big feature of the ODA Architecture designed-project, which includes 10 murals across seven floors that can be seen from 54 Noll’s courtyard.

“The neighborhood is still rapidly developing so the success of the retail at the project is vital to the success of the overall project, giving residents access to a variety of additional amenities, said Brendan Thrapp, senior director at the Brooklyn-focused brokerage EXR, which is leasing the commercial component of the development.

The asking rent for the space was $65 per square foot.

Leasing is now underway at the Denizen building, and All Year is working on the adjacent, 385-unit building at 123 Melrose Street.

The 900-unit development includes about 100,000 square feet of retail, which has already been leased to tenants like AT&T and the pet groomer Dog Wash N’ Go, which has locations in Park Slope and Bedford Stuyvesant.

Thrapp said there’s been tremendous interest at the site, and that “it’s been more about finding the right brand fit to complement the development as a whole.” EXR was the only broker on the deal with Foodtown.

Goldman, one of the largest multifamily landlords in Brooklyn, is one of three developers transforming the former Rheingold Brewery site, which spans 10 blocks in Bushwick.

Madison Realty Capital in late 2016 provided All Year with $215 million in construction financing for the project. Earlier this year, All Year was looking to refinance the development by offering up to $200 million in bonds on the Tel Aviv Stock Exchange.