Eastern Consolidated Achieves Benchmark Pricing for Gourmet Market Lease it Arranged on Nostrand Avenue in Crown Heights, Brooklyn
NEW YORK, NY – December 14, 2015 –Eastern Consolidated’s Retail Leasing Division has arranged a 10-year, 2,700-square-foot lease at $65 per square foot for Wholesome Foods at the corner of Atlantic and Nostrand Avenues in the Crown Heights section of Brooklyn. The property at 1306 Atlantic Avenue offers 40 feet of frontage along Nostrand Avenue and was previously leased to a 99 Cent store for about $20 per square foot.
Joe Robinson, Senior Director of the Retail Leasing Division for Eastern Consolidated, represented the landlord, Nostrand Atlantic Holdings Inc. Alexandra Rossland, Associate Director of Investment Sales, was the referring agent. Robinson procured the tenant, Wholesome Foods.
“We had such high demand for this space that we leased it within weeks and achieved benchmark pricing, which is a testament to the transformation taking place in Crown Heights where new residential projects are being developed and hip restaurants are opening,” Robinson said. “Wholesome Foods will be a great asset to the neighborhood because its owners are committed to delivering an upscale market that will further enhance the area.”
When Wholesome Foods opens in the spring of 2016 following a gut renovation, it will offer gourmet groceries, beverages, fruits and vegetables, and prepared foods. The market’s owners have been in the grocery business since the 1970s and recently opened Wholesome Gourmet Market at 534 Flatbush Avenue in Prospect Lefferts Gardens, Brooklyn, and also own and operate delis in the Riverdale section of the Bronx and Inwood.
Robinson noted that the gourmet market could be the catalyst that brings upscale retail to Nostrand Avenue in the same way that new restaurants and markets have transformed Franklin Avenue.
Throughout Crown Heights, new residential developments have been built or are in the planning stages including .....developer Jeffrey Gershon’s proposed 20-unit project on Prospect Place between New York and Brooklyn Avenues.
Additionally, Jonathan Butler, founder of Brownstoner.com and the Brooklyn Flea, BFC Partners, and Goldman Sachs Urban Investment Group redeveloped a former 150,000-square-foot Studebaker service station at 1000 Dean Street, between Franklin and Classon Avenues, into four-levels of commercial space with a beer hall called Berg’n.
The retail space at 1306 Atlantic Avenue is half a block from the Best Western Arena Hotel; several blocks from the Brooklyn Children’s Museum; steps from the entrance to the Atlantic Avenue LIRR station; and a block from the A and the C trains at the Nostrand Avenue subway stop.
Eastern Consolidated’s Retail Leasing Division, which is a dominant player in Manhattan, is now expanding into the outer boroughs. In Brooklyn, Eastern also recently leased space to Seoul Bistro, a restaurant that will open in the new Holiday Inn in Downtown, and is currently marketing retail sites in Williamsburg.