TOMS Shoes is opening its first location in Brooklyn.
The company, famous for its program of giving one pair of shoes to a needy child with every purchase, signed a lease for 1,500 square feet at RedSky Capital’s 160 North 4th Street in Williamsburg.
The asking rent in the deal was $250 per square foot, according to Isaacs and Company, which represented the tenant.
Isaacs and Company’s Trever Gallina said TOMS targeted the Williamsburg corridor “based on incredible sales at its pop-up store in 2017, and pedestrian traffic can get close to 25,000 on a sunny Saturday, which I don’t think most brands realize.”
TOMS is taking over a portion of the space formerly occupied by Umami Burger, which closed the location abruptly earlier this year. The Williamsburg store will be modeled on the shoe seller’s other location on the Lower East Side, which features a store and a café.
RedSky Capital owns the building at 148 North 4th Street along with JZ Capital Partners and Joel Schreiber’s Waterbridge Capital – part of an 85,000-square-foot Williamsburg portfolio known as Redbridge.
The owners earlier this year refinanced the portfolio with a $104 million loan from JPMorgan Chase.