RockFarmer’s Queens condo property inks 20-year lease for grocery chain
Lincoln Market to open sixth location with Rowan Condominium deal
Lincoln Market has signed a lease for its sixth location.
The regional grocery store has signed a 20-year lease for 16,750 square feet at the Rowan Condominium, making it its debut in Queens.
“With the recent closure of several grocery stores in the area, Lincoln Market will provide an incredible new option for local residents,” said Kostas Koutsothanasis, chief operating officer of RockFarmer Properties, which owns the property.
The three-level space — which comprises ground level and below grade-level space — is located at the recently completed 46-unit luxury condominium at 21-31 31st Street in Astoria, Queens. The space features 15-foot ceilings, 70 feet of street-level frontage and automated onsite parking for customers.
The store’s newest location is expected to open early 2023. Additional details of the lease were not disclosed.
Lincoln Market will join a growing list of retailers in, or opening in, the Ditmars section of Astoria, including Target and TJ Maxx. A new $400 million movie studio backed by Robert DeNiro and designed by Bjarke Ingels Group is also set to open in the area.
Ben Weiner and Chris Walther of RIPCO Real Estate and Kostas Koutsothanasis, on behalf of the developer, co-represented RockFarmer Properties in the transaction. Scott Sher of Katz Retail represented the tenant.
A 8,511-square-foot space remains available for lease at 21-31 31st Street. The building lies in an opportunity zone.
The Rowan is nearly entirely bought out, as only three homes at the building remain available for purchase. RockFarmer Properties has acquired, developed and renovated over 70 properties across New York.
Grocery stores have seen increased foot traffic during the pandemic as consumers work — and eat — from home. Nationwide foot traffic to grocery stores in the second quarter was up more than 12 percent compared to a year ago, according to analysis from Placer.ai.