Downtown Brooklyn is switching shoes, trading in a Bakers, for an Adidas.
As first reported in the New York Post, the German sportswear company Adidas just signed a new lease for a 4,500-square-foot-space at 452 Fulton Street. The rent will be $350 per square foot, which marks a high for the borough.
The space at 452 Fulton Street between Hoyt Street and Elm Place is currently vacant and was most recently a Bakers shoes. The store will serve as a borough flagship for Adidas. The brand recently hosted a pop-up event space at 138 Wooster Street and its marketing team inked a deal for space at 435 Hudson Street in 2013.
The international brand has undergone a brand repositioning and will unveil the first new store concept in the Northeast, with the Fulton Street opening, according to a press release from Crown Acquisitions, which owns the building.
The store is slated to open in late spring, confirmed Isaac Chera of Crown. Crown represented itself in the deal, which was signed within the last month. RKF‘s Jeremy Ezra negotiated on behalf of Adidas. He wasn’t immediately available for comment.
When Commercial Observer about the space’s appeal to Adidas, Mr. Chera pointed to the surrounding area which is increasingly becoming a mecca for mass market retailers. “Location,” he emphasized.”It is at the center of Fulton Street, near Macy’s, across from H&M, Nordstrom Rack and TJ Maxx.”