Capital One is banking on Midwood.
The bank has signed a 15-year lease for an entire retail building at 1221 Avenue J for its first branch in the Midwood section of Brooklyn, Commercial Observer has learned.
It has plans to open offices, too, at the 7,900-square-foot property, according to a spokesman for Thor Equities, which owns the building. The retail branch would be on the 3,200-square-foot ground floor and the offices on the 2,600-square-foot second floor. Capital One will also control the lower level’s 2,100 square feet. Ground-floor rents in the area are about $125 per square foot.
“Midwood has become increasingly popular for its neighborhood feel, as well as its proximity to Manhattan and other areas of Brooklyn such as Prospect Park, Park Slope and Carroll Gardens,” Melissa Gliatta, the chief operating officer of Thor, said in prepared remarks.
Glenn Vogel of Thor represented the landlord in-house in the transaction, while Barry Fishbach of RKF represented Capital One. A spokesman for RKF declined to comment.
It was not immediately clear when Capital One will move into the location, which is currently vacant. A representative for the bank did not respond to a request for comment. Capital One has about 30 branches in Brooklyn, according to its website.