Associated Supermarket Snags 20K SF at Williamsburg Houses
The supermarket snagged 10,700 square feet at the ground level of 229-247 Graham Avenue in Williamsburg, Brooklyn, plus another 10,000 square feet in the basement for storage in a 30-year deal, The Real Deal first reported. Asking rent was $30 per square foot, according to Booth Capital Advisors’ Greg Parassio, who represented both the landlord and the tenant in the deal with colleague Brian Doyle.
“This particular area had been in need for a long time,” Parassio told Commercial Observer. “There was a need for a grocery store that met the needs of the community — the proper concept at the proper price point. And that’s what Associated Supermarkets knows that they can deliver.”
The supermarket will open sometime between August and September at the 1,620-unit Williamsburg apartment complex. The space was previously leased to WB Meat Market and has been vacant since July 2019, according to NYCHA.
“[This] will be a wonderful multi-decade, relationship for both landlord and tenant as well as the Williamsburg Houses community,” Doyle added.
Williamsburg Houses snagged $490 million for comprehensive renovations through the city’s Permanent Affordability Commitment Together (PACT) program, according to Real Estate Weekly. NYCHA tapped MDG Design and Construction to renovate Williamsburg Houses with Wavecrest Management handling the day-to-day operation of the complex.
MDG and Associated Supermarkets did not immediately respond to requests for comment.
Update: This article has been updated to include a comment from NYCHA and that Wavecrest Management is not a subsidiary of MDG Design and Construction.
Celia Young can be reached at firstname.lastname@example.org.