Dollar Tree Coming to Hudson Companies Development in Gateway, Brooklyn
By Lauren Elkies Schram April 17, 2017 3:45 pm
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The variety chain that sells items for $1 or less, Dollar Tree, has landed a lease at Hudson Companies’ Gateway Elton Street development in East New York, Brooklyn.
The 9,995-square-foot ground-floor tenant signed a 10-year deal with options at 12442 Flatlands Avenue at the southwest corner of Elton Street, according to J. Matthew Dillon, a project manager at Hudson. The lease commences June 9 at the 151-unit affordable apartment building, CoStar Group indicates.
“Dollar Tree is a large driver of foot traffic and a reliable anchor tenant who we believe will send a strong signal to local retailers,” Dillon said.
Dollar Tree will occupy almost one-third of the retail space at the property, according to Ripco Real Estate’s Richard Senior, who represented Hudson in the deal along with colleagues David Goldschmidt and Chris Walther. Senior and Esther Bukai worked on behalf of Dollar Tree. The asking rent was $40 per square foot net, Senior said.
“It will be the ‘daily needs store’ for over 500 newly built affordable [homes],” Senior emailed.
Those new homes are part of the three-phase multi-building mid-rise new affordable housing development called Gateway Elton Street, which will include 659 apartments and approximately 70,000 square feet of ground-floor commercial space.
