Max Deals Maxes Out at 10K SF in Bed-Stuy

Discount store Max Deals has signed a 9,800-square-foot lease for 15 years at BRP Companies’ 1562 Fulton Street in the Bedford-Stuyvesant section of Brooklyn.

Richard Senior and Esther Bukai from Ripco Real Estate brokered the deal, which had an asking rent of $35 per square foot.

Traded first made note of the lease.

The mixed-use property, which uses the address 1560-1576 Fulton Street and is known as the Bradford, was completed by BRP in 2012 and offers 105 rental units. The building’s website notes that the property is LEED Gold certified and features the neighborhood’s first co-generation plant, which provides heat and power from the same source. The property also offers 29 below-grade parking spaces.

In developing the building, “BRP worked with the NYC Housing Development Corporation (HDC) and the NYC Department of Housing Preservation and Development (HPD) to create an innovative structure which allowed HDC financing to be used in conjunction with New Markets Tax Credits for the first time in New York City,” according to the company’s website.

The website also notes that the project was developed with $45 million in total development costs, and included participation from both the Bedford Stuyvesant Restoration Corporation and Goldman Sachs. 

The mixed-use development was part of former New York Mayor Michael Bloomberg’s New Housing Marketplace Plan, “an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014,” the New York Post wrote in 2010.

The building site was sold from the estate of Anita Lincoln to BRP Companies in 2009 for $650,000. At the time, the property was categorized as a two-family dwelling.

Representatives from Ripco and BRP did not immediately respond to requests for comment.

Larry Getlen can be reached at lgetlen@commercialobserver.com.