Forever 21, one of the most popular retailers in the exploding fast-fashion world, has signed a lease for 40,000 square feet at 490 Fulton Street between Elm Place and Bond Street in Downtown Brooklyn.
First reported by The Wall Street Journal, Forever 21 is expected to open its newest New York store at the five-story property controlled by Crown Acquisitions by the end of this year. WSJ noted that Downtown Brooklyn was previously home to a Forever 21 (at 1 DeKalb Avenue), but that location shut its doors in 2007. Today, there are nine other Forever 21 locations throughout the five boroughs.
Asking rents for the lower level space were $55 per square foot and were $325 per square foot for the main floor, according to a press release issued by Crown.
Forever 21 did not immediately respond to a request for comment.
Other tenants at the property include Planet Fitness, Raymour & Flanigan, Express, Swarovski, Chase Bank and IHOP. The upper three floors of the building are Long Island University dorms.