ABS Partners secured a 10,600 s/f lease for Union Market at 1525 Bedford Avenue, a 176-unit, mixed-use development in Crown Heights slated for completion in early 2018.
As the first tenant to claim retail space at the eight-story building, Union Market will occupy one of three ground-floor storefronts. 8,400 s/f of retail space remains available at the property, which is being exclusively marketed by Mark Tergesen and Ben Waller of ABS Partners Real Estate.
Tergesen and Waller represented both the tenant and the landlord in the transaction. The ground-up project is being developed by Adam America, one of Brooklyn’s most active developers.
“Union Market’s presence at 1525 Bedford Avenue will be a tremendous amenity to the residents of the new building and to the community as a whole,” said Dvir Cohen Hoshen, co-founder and managing member of Adam America. “Union Market is one of the best mid-size supermarket operators in the entire city. The company offers basic staple items and stocks specialty items that cater to distinct neighborhood preferences, all within the context of an upscale and engaging retail environment, which made them an ideal tenant for this development.”
The remaining retail space that ABS Partners is marketing at 1525 Bedford Avenue spans two storefronts; a 3,611-square-foot space with additional storage on the corner of Bedford Avenue and Eastern Parkway and a 2,315-square-foot inline space along Eastern Parkway. Asking rent for retail space at the property ranges from $75 to $125 per square foot.
“Given the building’s prominent location, fronting both Eastern Parkway and Bedford Avenue, a bank would be a natural fit for the remaining corner space,” said Tergesen, an executive managing director at ABS.
“The smaller storefront along Eastern Parkway could accommodate an urgent care facility, physician groups, or even a café or restaurant. When working on new developments like this, we focus on finding the right tenant mix that will enhance the value of the building, much like the positive impact Union Market will have at 1525 Bedford Avenue.”
1525 Bedford Avenue is located on the corner of Bedford Avenue and Eastern Parkway in Crown Heights, Brooklyn.
The site was previously occupied by a gas station and car wash and was purchased by Adam America in 2015 for $32.5 million. The property is being redeveloped into a 176-unit rental building with 35 affordable housing units and 18,958 square feet of commercial retail space at the base.