Madewell Consolidating Williamsburg Locations on North Sixth Street
By Mark Hallum December 19, 2023 4:36 pm
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Madewell has signed a 10-year lease for 8,300 square feet on the cellar, first and second floors of 109 North Sixth Street, a building owned by a UK-based investment firm known as Mark, the landlord announced.
MARK did not disclose the length of the lease or the asking rent. Average retail asking rent in Brooklyn in the third quarter of 2023 was $625 per square foot, according to PropertyShark.
The shop will be Madwell’s eighth in the city and will combine its two existing Brooklyn locations on the same street: 89 North Sixth Street and 127 North Sixth Street.
“Luxury users are looking to come out [to Williamsburg] to acquire customers I think because the cost of digital marketing is skyrocketing,” GoodSpace’s Hank O’Donnell, who represented the landlord with Christopher DeCrosta and unidentified brokers from Open Space Realty, told Commercial Observer. “So places like Williamsburg where you get in front of a very qualified, informed consumer is just kind of like a no-brainer.”
Steve Merkle from Newmark (NMRK) represented the tenant. Newmark and Open Space Realty did not immediately respond to requests for comment.
The new Madewell outpost is expected to open in the spring 2024, according to O’Donnell. He added that retail vacancies in Williamsburg are hard to come by for retailers looking to get in on steady foot traffic from both workers going to offices most days and locals working from home.
Update: This story has been updated to show that Madewell will consolidate its Williamsburg locations into the 109 North Sixth Street space. Not open a third location in the neighborhood.
Mark Hallum can be reached at mhallum@commercialobserver.com.
