Leases  ·  Retail

NJ Grocery Chain Opening First NYC Outpost on Fulton Street in Brooklyn

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A New Jersey grocery store chain is opening a 21,000-square-foot outpost in Downtown Brooklyn’s Fulton Street Mall.

The Fresh Grocer signed a lease with RMC Assets — owned by Raymond M. Chera at 523 Fulton Street, adding another store to its more than 20 locations across North Jersey. The Brooklyn store will be The Fresh Grocer’s first New York City outpost, the New York Post first reported.

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The ground floor and the basement of the renovated 114,000-square-foot building — which will include office space — will be occupied by the supermarket, owned by the Inserra family. Spectrum Cable previously leased 3,900 square feet of retail space on the ground floor, according to the Post.

The length of the lease and the asking rent is not known, but Downtown Brooklyn saw an average asking rent of $239 per square foot in the second quarter of 2023, according to a report from the Real Estate Board of New York.

“The Inserra family is looking to expand throughout New York, and Downtown Brooklyn is one of the fastest growing markets with a tremendous amount of future upside,” Jeffrey Lopez of Lee & Associates NYC, who represented the tenant with Steve Lorenzo, said in a statement. “This location is a standout amongst a limited inventory that satisfies their requirements for logistics, retail co-tenancy and multiple mass transit options for employees and patrons alike.”

Cushman & Wakefield (CWK)’s Ian Lerner negotiated on behalf of the landlord.

The store is scheduled to open by the end of 2024, according to C&W.

In July 2020, Brooklyn Hospital Center leased 51,226 square feet at the address on the second floor of the building. RMC Assets recently invested $20 million for renovations at the site.

Mark Hallum can be reached at mhallum@commercialobserver.com.