The 10 biggest Brooklyn retail leases of 2018
The top lease was 55,000 square feet for TeamLab | Pace Gallery in Sunset Park
The top 10 retail leases for Brooklyn this year included not one but two climbing gyms.
The Cliffs made the list thanks to a 40,000-square-foot lease it signed in Gowanus, and Vital Climbing Gym made it after inking a 46,000-square-foot lease it signed in Greenpoint. Blink Fitness made it onto the list as well with a 17,000-square-foot lease in Bay Ridge.
TeamLab | Pace Gallery, a Japanese art and technology collective, took the No. 1 spot with a 55,000-square-foot lease in Industry City, and overall, the top 10 leases totaled about 329,000 square feet.
The full list of Brooklyn’s top 10 retail leases for 2018 is as follows:
1. TeamLab | Pace Gallery, 51 34th Street, Sunset Park — 55,000 square feet
This Japanese art collective signed a 55,000-square-foot lease at 51 34th Street in Sunset Park in June for the largest lease in the borough. Its landlord is Industry City, and the lease term is 11 years. The TeamLab shows are immensely popular in Japan with teams of computer programers, animators, engineers, designers, mathematicians and architects creating psychadelic experiences, according to Artnet.
2. Target, 5200 Kings Highway, Marine Park — 49,000 square feet
Target’s 49,000-square-foot lease in East Flatbush took the No. 3 spot. The company plans to open it in 2020 and described the new location as a “small-format” store. It is leasing the space from Bridges Development Group. The store will mark its seventh Brooklyn location, and Ripco Real Estate represented both parties in the deal.
3. Vital Climbing Gym, 1 Nassau Avenue, Greenpoint — 46,000 square feet
The first climbing gym to land a spot on this year’s top 10 list was the California fitness chain Vital Climbing Gym, which will open its first East Coast location at Cayuga Capital Management’s 1 Nassau Avenue in Greenpoint. The 15-year triple-net lease is for 31,000 square feet, and Vital may build it out to as much as 46,000 square feet using rooftop and outdoor space. Asking rent was $110 per square foot, and the gym should open by this coming summer. EXR represented the landlord, and CBRE represented the tenant.
4. The Cliffs, 233 Nevins Street, Gowanus — 40,000 square feet
The second climbing gym signed its lease in July for 40,000 square feet at 233 Nevins Street in Gowanus. The lease is for 25 years, and the rent is $55 per square foot. The company also has locations in DUMBO and Long Island City. The Gowanus location will include 36,000 square feet of climbing terrain and a roughly 4,000-square-foot outdoor terrace. Eastern Consolidated represented landlords Atkins & Breskin and JBS Project Management, and Spaceworks Real Estate Advisors represented the tenant.
5. NetCost Market, 3100 Ocean Avenue, Sheepshead Bay — 35,000 square feet
NetCost Market inked its 35,000-square-foot lease in January with landlord Norse Realty. The store at 3100 Ocean Avenue is NetCost’s first 24-hour location and includes 170 parking spots. Welco Realty represented the landlord, and HUDSON represented the tenant.
|Rank||Address||Neighborhood||Square Feet||Tenant||Landlord||Landlord Agent||Tenant Agent|
|1||51 34th Street||Sunset Park||55000||TeamLab; Pace Gallery||Jamestown, Belvedere Capital, Angelo, Gordon & Co., Cammebyu2019s International; FBE Limited||Direct||Direct|
|2||5200 Kings Highway||Marine Park||49000||Target||Bridges Development Group||Ripco Real Estate||Ripco Real Estate's Jeff Howard|
|5||1 Nassau Avenue||Greenpoint||46000||Vital Climbing Gym||Cayuga Capital||EXR's Brad Krosser, Nick Dries, Keat Chu|Harrison Gilbard-Balisky||CBRE's Michael Kadosh, Lon Rubackin, Jesse Wolff|
|3||233 Nevins Street||Gowanus||40000||The Cliffs||Atkins & Breskins Company; JBS Project Management||Eastern Consolidated's Brad Cohen, Jacob Tzfanya, Jon Kamali||Spaceworks Real Estate Advisors' David Silberberg|
|4||3100 Ocean Avenue||Sheepshead Bay||35000||Net Cost Market||NORSE Realty||Welco Realty's Jerry Welkis||HUDSON's Jason Gerbsman|
|6||124 Forrest Street||Bushwick||30500||Citibike||PH Noll||Ripco Real Estate's Andrew Clemens, Ben Weiner||Ripco Real Estate's Andrew Clemens, Ben Weiner|
|7||53-83 Water Street||DUMBO||21000||Time Out Market New York||Midtown Equities|Rockwood Capital|HK Organization||n/a|
|8||3513 Atlantic Avenue||East New York||18700||AutoZone||Leemilt's Petroleum||Ripco Real Estate||Ripco Real Estate|
|9||450 87th Street||Bay Ridge||17000||Blink Fitness||Allied Properties||n/a||Retail Zone's Ezra Saff|
|10||74 Kent Street||Greenpoint||16679||New York University School of Medicine||Caerus Group||Newmark Knight Frank's Bernard Weitzman, Eric Cagner, Ryan Gessin||Corcoran Group's Paul Wexler, Josef Yadgarov|
6. Citi Bike, 124 Forrest Street, Bushwick — 30,500 square feet
New York’s bike sharing company signed a 30,500-square-foot lease at 124 Forrest Street in Bushwick in September. The landlord is PH Noll, and Ripco Real Estate represented both parties.
7. Time Out Market New York, 53-83 Water Street, DUMBO — 21,000 square feet
Time Out Market New York inked its 21,000-square-foot lease at 53-83 Water Street in DUMBO in March. The building’s landlords are Midtown Equities, Rockwood Capital and HK Organization, and Time Out will take up two levels at the property.
8. AutoZone, 3513 Atlantic Avenue, East New York — 18,700 square feet
AutoZone took the No. 8 spot with a lease for 18,700 square feet in East New York at 3513 Atlantic Avenue. The landlord is Leemilt’s Petroleum. Ripco Real Estate represented both parties.
9. Blink Fitness, 450 87th Street, Bay Ridge — 17,000 square feet
Another Blink Fitness rounded out the top 10 list for 2018 with a lease for 17,000 square feet at 450 87th Street in Bay Ridge. The popular gym chain reached its deal in November with landlord Allied Properties, and this will mark its 15th location in Brooklyn. Retail Zone represented the tenant.
10. New York University School of Medicine, 74 Kent Street, Greenpoint — 16,679 square feet
NYU’s School of Medicine closed out the list with a roughly 17,000-square-foot lease at Caerus Group’s 74 Kent Street in Greenpoint. Asking rent for the 15-year lease was in the mid-$50s per square foot, and the space will be used as an imaging and physical therapy center for locals, according to Commercial Observer. Newmark Knight Frank represented the landlord, and Corcoran represented the tenant.