Retail Space to Hit Market at New Greenpoint Development [Updated]
Lauren Elkies Schram July 21, 2014, 5:10 p.m.
An 8,000-square-foot retail space at the base of a brand new Greenpoint residential rental building will hit the market tomorrow, Commercial Observer has learned.
The space is on the ground floor of Domain Companies‘ seven-story 1133 Manhattan Avenue, a 210-unit building with 50 percent of the units priced at affordable rates.
“It’s first and new to the market [in Greenpoint] so it gives an operator an opportunity to get into a neighborhood like Williamsburg in 2006 when Williamsburg was just starting to develop,” said Geoff Bailey of SCG Retail who is marketing the space with colleague Rachel Kim.
Other development projects in the area include Greenpoint Landing, 77 Commercial Street and 49 Dupont Street.
Domain Companies, with an office in Manhattan and one in New Orleans, signed a 99-year lease for the property at 1133 Manhattan Avenue, between Box and Clay Streets, in September 2011, renting it from M. Hiller and Son, Brooklyn Eagle previously reported.
The commercial space is fully vented, making it ideal for a restaurant, bar or club, Mr. Bailey noted. The asking rent is $65 per square foot.
“We see it as a significant discount from other new development neighborhoods where rents go in the $150- to $300-a-foot range,” Mr. Bailey said.
The Perkins Eastman-developed building’s one- and two-bedroom residential units range in size from 575 square feet to 1,040 square feet, said Lauren Crowell, the development associate for Domain Companies. Last week marked the deadline for applications for the housing lottery, she noted. As for the market-rate units, she said, they will be available for rent on Aug. 15 and they will be marketed in-house. Ms. Crowell declined to provide rents. The residential and commercial spaces will be ready for occupancy in October, according to Mr. Bailey.
Domain Companies is behind One Hunters Point in Long Island City, Spring Creek Gardens in East New York, Markham Gardens and Park Lane at Sea View on Staten Island and a number of projects in Louisiana.
Update: This story was edited to include more information about the residential units from the development associate for Domain Companies.