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January 23, 2009 
 
       
 
Monday Properties
 

BROOKLYN!


 

In the 1920s, Atlantic Avenue between 3rd and 4th in Boerum Hill was bustling with retail. Times changed; foot traffic declined; it became an ethnic enclave. When 525 through 541 became available, Atlantic Assets' Bobbi Koz Paley, Gentry Hoit and Judy Kessler jumped at the chance to turn the block around.

 

Atlantic Assets and architect Taylor & Miller renovated the buildings to their 19th-century storefront glory and brought color to the drab street. Now the firm is working with Ingram & Hebron Realty to bring more upscale and entrepreneurial retail to Atlantic Avenue, and has already signed two major tenants: Aveda Sanctuary Salon at 527 and Nunu Chocolates at 529. They're in negotiation with a caf? for 1k SF at 533. 2k SF are available at 525; 1k SF at 535; and 1k SF at 539. Six of the eight buildings share a garden.

 
GGG AI
 

We snapped this of Bobbi with Sanctuary's Melissa White, Andi Jones, and Malcolm Cuthbert. Owner Andi signed a 10-year lease in October, noting the neighborhood has potential and is close to where she lives. The corridor connects ten downtown Brooklyn neighborhoods, Bobbi says, and is a few blocks from Atlantic Terminal, 13 subway lines and the LIRR. Memorial Sloan-Kettering plans to open a center next door.

 

Bobbi with Nick Arauz, who lives upstairs and designed the interior of Nunu Chocolates. Atlantic Assets is updating the apartments above the stores, which are fully occupied. The vacant retail space hosts numerous art installations to bring new visitors to the area (Bobbi also moonlights as the founder of Art Assets, a consulting firm that integrates art into real estate projects).


BK ATTRACTS HIGHER-END RETAIL
 

Brooklyn's retail market continues to grow, despite eroding fundamentals in other areas of New York City. We stopped by Marcus & Millichap's downtown Brooklyn office to chat with regional manager J.D. Parker, who's only blocks away from the Fulton Street Mall, the third-busiest retail corridor in the city. Not too shabby, considering it follows 34th Street and Times Square.

 

Downtown Brooklyn's rezoning, including Fulton Street Mall, and is attracting higher-end, non-discount/urban retailers that continue to sign leases or show interest in the area. This roster includes Midtown mainstays Morton's Steak House, Urban Outfitters, H&M, Trader Joe's, The Apple Store, and Barney's. Williamsburg is also a strong performer, recently attracting Ricky's NYC to a space at 192 Bedford Ave. at $150 PSF. J.D. expects more downtown tenancy turnover to high-end retail throughout '09 and '10, so now's the time to stock up on those $10 shoes.

 

J.D. with colleages Matt Fotis, Andy Dorf, and Zach Felson. Some national retailers are closing shop (Brooklyn lost a new Circuit City and a few Starbucks), but that shouldn't have much impact as the market is still underserved, J.D. says. Rents are holding strong, although flat, and retail investment sales continue to be a hot commodity, even though there's a bid-ask gap. But if fundamentals do start to decline, J.D.'s proven no mountain's too high for him: he just returned from scaling Mount Kilimanjaro, his first climb. We'd call him a show-off, but we're too impressed.

Got stories about mountains to climb or buildings to lease? Tell Amanda@bisnow.com.

 
 
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