Verizon Renews 3,975 SF at 1623 Kings Highway

Verizon has renewed a lease for its 3,975-square-foot, ground-floor retail space at 1623 Kings Highway from landlord Interborough Developmental & Consultation Center for five years.

The asking rent for the triple-net lease space in the Midwood section of Brooklyn was $120 per square foot. Josh Augenbaum of Augenbaum Realty represented the landlord and the tenant. 

The landlord, a mental health services provider, works out of the offices upstairs from Verizon in the building.

The four-story, 17,725-square-foot building was built in 1925, according to PropertyShark.

Interborough purchased the building in 2019 from Lido Realty for $18 million, with Lido having acquired the building three years before from an entity called Arc NY1623K001 for $17 million, according to public records.

Augenbaum said Verizon has been in the space for approximately 10 years, and will be making some changes. Verizon operates a retail store in the corner space where it sells phones and offers pick-up service for online orders.

“They’re going to rebrand the space itself as well as the signage for visibility,” Augenbaum told Commercial Observer. “It’s one of the last two corporate [Verizon] stores left in Brooklyn.”

Traded first reported the deal.

Larry Getlen can be reached at lgetlen@commercialobserver.com