Forever 21 has signed a 40,000-square-foot lease at 490 Fulton Street in Downtown Brooklyn, with the retailer returning to the neighborhood it left in 2007.
The clothing store will open its F21 Red store concept at the five-story building by the end of the year. Other tenants at the property, controlled by the Chera family’s Crown Acquisitions, include Planet Fitness, Express and Raymour & Flanigan Furniture.
The Forever 21 deal is one of three Downtown Brooklyn retail leases that Crown Acquisitions has signed in the past two months, according to the Wall Street Journal. JP Morgan Chase is also relocating operations to 490 Fulton Street after putting the former Dime Savings Bank of New York, at 9 Dekalb Avenue, on the market last year. Long Island University dorms occupy the building’s upper floors.
Michael Townsend, of Townsend & Associates, represented Forever 21.
Forever 21 closed down its previous Downtown Brooklyn location, at the site of the City Point mixed-use development, in 2007. [WSJ] — Rey Mashayekhi