From left: Michael Stern, Founder and CEO, JDS Development Group; Parham Javaheri, Chief Property Development Officer, Lifetime; and 9 DeKalb Avenue (JDS Development Group, Life Time, SHoP Architects, iStock)
UPDATED January 11, 2023 2:15 p.m: grocery stores, gyms, a new home for a brewery. Brooklyn’s top retail leases over the past year offered a little of everything, but it was the same tenant who signed the two of the four biggest deals.
The borough’s 10 largest retail leases totaled nearly 300,000 square feet, a third of which was Life Time’s mega deal in Michael Stern’s Brooklyn Tower. Meanwhile, both third and fourth place went to discount grocery chain Lidl, which marked its expansion into Brooklyn with deals in Crown Heights and Park Slope.
Lidl’s dominance is partly due to Brooklyn not seeing the same volume of mega deals as it did in 2021 three separate landlords signed tenants for leases of 70,000 square feet or more. Just one last year.
Below is more information on the borough’s top 10 retail leases for 2022, ranked by square foot:
1. Lifespan | Downtown Brooklyn | 100,000 square meters
Health club chain Life Time signed a lease for in May 100,000 square meters in the Brooklyn Tower, developer Michael Stern’s 93-story residential skyscraper, which looms at 9 DeKalb Avenue in downtown Brooklyn. Life Time will have exercise studios, a fitness area, a chiropractic recreation area, indoor and outdoor pools and a fast-casual cafe in Brooklyn’s tallest tower. The company will also operate a coworking space called Life Time Work, which will feature 15,000 square feet of private and open workspaces and conferences. Both facilities are scheduled to open later this year.
Newmark’s Jackie Totolo and Peter Whitenack represented Stern’s JDS Development in the deal, while Atlantic Retail’s Joe Mastromonaco represented Life Time.
2. Brooklyn Brewery | Greenpoint | 41,000 square feet
The Brooklyn Brewery signed a 30-year lease for in November 41,000 square feet at 1 Wythe Avenue in Greenpoint, just four blocks from their 30,000-square-foot home at 79 North 11st Street, which is expected to close when the brewery moves to its new site in the summer of 2024. It will house brewing and research operations. The asking rent was $75 per square foot, and Nathaniel Mallon of Verada Retail represented both the brewery and landlord Shlomo Karpen on the deal.
3. Lidl | Crown Heights | 33,000 square meters
Fast-expanding supermarket chain Lidl snagged a 15-year 33,000-square-foot deal at 1730 Bedford Avenue in Crown Heights in July, marking Brooklyn’s biggest retail lease of the year. The asking rent for the space was $45 per square foot.
Josh Augenbaum of Augenbaum Realty represented the landlord, 1730 Bedford Avenue Realty, while Kenneth Schuckman of Schuckman Realty represented Lidl.
4. Lidl | park slope | 25,000 square meters
The borough’s second-largest retail lease was also owned by Lidl, which took over 25,000 square feet at 120 Fifth Avenue in Park Slope, where it will replace a shuttered Key Foods and anchor the retail space at the base of one Rental complex with 180 units is being developed by Billy Macklowe and Senlac Ridge Partners. Kenneth Schuckman also represented Lidl in this deal, while a RIPCO team including Alex Beard and Jason Pennington represented the developers.
Outside of Brooklyn, Lidl also drew on it 35,000 square meters in July at Madison International Realty’s Queens Place Mall in Elmhurst.
5. Bay Ridge Senior Center | Bay Ridge | 21,900 square meters
The Bay Ridge Senior Center secured 21,900 square feet for 15 years 15 Bay Ridge Avenue in Bay Ridge last February. The senior center was located in the basement of the Bethlehem Lutheran Church a few blocks east at 6917 Fourth Avenue for about 50 years.
MC O’Brien’s Andrew Aberham and William O’Brien brokered the deal for landlord Phillips International, while Capalino’s Tim Kucha represented the senior center in the deal.
6. Delicatessen Supermarket | East New York | 20,000 square meters
Fine Fare Supermarket signed a 25-year deal in August for 20,000 square feet at 50 Pennsylvania Avenue in East New York. The grocery store will be the retail anchor of developer Pennrose Holdings’ 218-unit affordable housing development 50 pennies The rent for the space is $40 per square foot.
Booth Street’s Greg Parassio and Brian Doyle, formerly known as Booth Capital Advisors, represented both sides of the deal.
7. Le Labo | Williamsburg | 15,500 square meters
French fragrance company Le Labo acquired 15,500 square feet at 71 North 7th Street in Williamsburg last March. CBRE represented the lessor, Largo Investments, in the transaction, terms of which were not disclosed.
8. Blink Fitness | Buschwick | 15,000 square meters
Gym chain Blink Fitness bent 15,000 square feet over three floors at 886 Broadway in Bushwick in December. A Newmark team including Ryan Gessin and William Grover represented landlord Spark Management, while Retail Zone’s Ezra Saff represented Blink.
9. Packed | Fort Greene | 14,800 square meters
In August online wholesalers Packed up signed a 10-year deal for 14,800 square feet at 470 Vanderbilt Avenue from RXR Realty in Fort Greene. The asking rent was $50 per square foot and Boxed will occupy the entire ground floor of the 10-story building. The location will include a personal grocery store to complement the company’s delivery services.
RXR’s Madeleine Nero represented the landlord in the house, while Charter Realty’s Scott Edlitz represented Boxed on the deal.
10. CVS Pharmacy | dummy | 12,400 square meters
CVS Pharmacy acquired 12,400 square feet at 85 Jay Street in Dumbo last January for 15 years. The store will be located at the base of the 1.1 million square foot Front & York gated community, which includes both condominium and rental components.
A team from Winick Realty Group, including Steven Baker and Daniyel Cohen, represented the landlord, CIM Group, while a Newmark team, including Jason Pruger and Ross Kaplan, represented CVS.
This article has been updated since it was originally published with additional leases large enough to qualify for the top 10.
