Irish retailer Primark takes 70K sf at City Point
Brooklyn location is one of three in state where company plans new stores
Irish retailer Primark is expanding its presence in New York, landing a big lease at the City Point development in Downtown Brooklyn.
The company is taking 70,000 square feet at the complex, which is owned by Acadia Realty Trust and Washington Square Partners. According to the Commercial Observer, the store will open next fall.
The lease at 445 Albee Square West will be divided between a 50,000-square-foot store and 20,000 square feet for storage. Primark lands next to other retail tenants in the young complex, including Target, Alamo Drafthouse and Trader Joe’s.
Financial terms of the lease were not disclosed. The Commercial Observer reported that the landlords were represented by a Newmark team including Ariel Schuster and an in-house Acadia team. Primark was represented by a CBRE team that included David LaPierre.
Primark is rooting its clothing store in a space previously occupied by Century 21, which closed its location there after filing for bankruptcy. The Dublin-based company operates 13 stores in the United States and is looking to increase that number to nearly 60 in the next five years.
The retailer is planning to open two more stores in New York in the near future, including one at the Roosevelt Mall on Long Island and the Crossgates Mall in Albany. The company already operates a three-story location at the Kings Plaza Shopping Center in Brooklyn.
In the past, Primark has looked at outposts in Manhattan. The clothing company was close to signing a 56,000-square-foot lease at 2 Herald Square, only to see the deal fall through. The retailer doesn’t have any stores in Manhattan, though it does have one on Staten Island.
Last year, BASIS Independent Brooklyn signed a 62,000-square-foot lease to bring its private school to space at City Point. The 68-story development has condominium apartments above its commercial space. It was constructed by Gary Barnett’s Extell Development; Washington Square and Acadia handle commercial leases.
[CO] — Holden Walter-Warner