Life Time signed Brooklyn’s largest retail lease of 2023
Brodsky Organization, Tishman Speyer, Thor among landlords with Top 10 deals
UPDATED, December 8, 12:30 p.m.: Brooklyn’s retail market registered roughly a dozen leases of 10,000 or more square feet, the borough’s second year in a row without any deals larger than 40,000 square feet. Golf, grocery and gyms played a significant role in the leasing activity, as did educational facilities.
Three leases of 10,000 each tied for 10th place. Altogether, these 12 biggest leases in the borough this year through November combined to span more than 232,000 square feet.
Two of the largest leases were on Fulton Street, and another two were in the same Vinegar Hill building. Downtown Brooklyn claimed five of the top deals.
Below are Brooklyn’s top 10 retail leases of 2023, ranked by square footage. All data is through November:
1. Life Time | Prospect Heights | 36,470 square feet
The year’s biggest Brooklyn lease belonged to the Brodsky Organization and Greenland USA, which inked the Life Time gym at 18 Sixth Avenue at the Pacific Park megaproject. The fitness center agreed early this year to lease the first three floors of the 51-story Brooklyn Crossing tower.
Brodsky’s Brett Fishman and Alexander Brodsky represented the landlord in-house, while Atlantic Retail NYC’s Joe Mastromonaco and Colleen Morrissey represented the tenant.
2. Community High School | Downtown Brooklyn | 35,000 square feet
Community High School charted a new path for 250 Jay Street by leasing 35,000 square feet where the City University of New York once occupied all five stories. Owner Mattone Investors asked $50 per square foot for the lease, according to the Commercial Observer.
Newmark’s Justin DiMare and Ryan Gessin represented both Mattone and the charter school tenant.
3. Daily Deals Bins | Downtown Brooklyn | 29,318 square feet
Daily Deals Bins signed a deal of its own at Icer Properties’ 485 Fulton Street, agreeing to take more than 29,000 square feet for the discount retailer’s first store in New York City. Asking rent for the 2,500 square feet on the ground floor was $200 per square foot, according to the Commercial Observer, while the basement space was $50 per square foot.
Kassin Sabbagh Realty’s Solomon Sharaby and Nathan Aballi represented Icer, while Kassin Sabbagh’s David Green and David Sabbagh aided Daily Deals Bins.
4. Ember Charter Schools | Vinegar Hill | 25,000 square feet
A second charter school expanded in Brooklyn. Ember Charter Schools took 25,000 square feet for two floors of FM Capital’s 295 Front Street. Ember paid $38 per square foot for the space, which will serve as a high school, according to the Commercial Observer.
Tri State Commercial Realty’s Eddie Keda, Chandler Slate and Joseph Bouzaglou represented the landlord. Ember didn’t use a broker for its side of the lease.
5. The Fresh Grocer | Downtown Brooklyn | 21,000 square feet
Raymond M Chera’s RMC Assets kept things fresh by leasing 21,000 square feet to The Fresh Grocer along the Fulton Street Mall at 523 Fulton Street. The lease by the growing supermarket chain came following a three-year, $20 million renovation and modernization of the three-story property.
Cushman & Wakefield’s Ian Lerner represented RMC. Lee & Associates NYC’s Jeffrey Lopez and Steve Lorenzo represented The Fresh Grocer.
6. Golfzon Social | Downtown Brooklyn | 18,000 square feet
Driving ranges aren’t common in Downtown Brooklyn, but Golfzon Social pledged to change that with a 10-year, 18,000-square-foot lease at Tishman Speyer’s 11 Hoyt Street. The virtual golf simulator space also includes a cafe and a lounge with craft beer, according to the New York Post.
JLL’s Don Cafero represented Golfzon Social, while Tishman Speyer was represented in-house.
7. Salons by JC | Downtown Brooklyn | 13,316 square feet
Avery Hall Investments signed Salons by JC to the tenant’s first Brooklyn lease, according to the Commercial Observer, a 20-year deal for more than 13,000 square feet at One Boerum Place. Asking rent on the ground floor was $150 per square foot and half of that on the second level.
Newmark’s Jeremy Ezra, Peter Whitenack and Tyler King represented the landlord. The tenant, which leases suites to beauty professionals such as haircutters, was represented by Compass’ Michael Davis.
8. HeartShare Human Services of New York | Sunset Park | 12,886 square feet
Nonprofit HeartShare Human Services of New York, which specializes in education for children living in poverty, picked Trinity Lutheran Church’s 4507 Fourth Avenue for its latest location. MOD Commercial Realty’s Meyer Dagmy represented the landlord. It’s unclear if anyone represented the tenant.
9. Marlow Events | Vinegar Hill | 12,500 square feet
FM Capital’s 295 Front Street also landed a tenant for a top-floor event space, according to the Commercial Observer. Restaurateur Andrew Tarlow signed a 15-year lease in the building, which includes a 7,000-square-foot hall on the seventh floor, a 3,000-square-foot wraparound deck and a 2,500-square-foot commercial kitchen in the basement. Asking rent was $15 per square foot. Marlow is moving from 177 Dwight Street in Red Hook.
Tri State Commercial Realty’s Eddie Keda and Chandler Slate represented the landlord in the deal. Jason Lloyd of Retail by Mona represented Marlow.
10. Olgam Life | Flatbush | 11,200 square feet
Plasma donation center Olgam Life signed a 10-year lease for 11,200 square feet at Bawabeh Brothers’ 1584 Flatbush Avenue, which formerly housed a Modell’s Sporting Goods store. This is the second plasma donation center Olgam has given life to in a former Modell’s space, according to the Commercial Observer.
Augenbaum Realty Josh Augenbaum represented Olgam in the lease.
Correction: A previous version of this story included incorrect neighborhood names for some listings.