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Deals & Dealmakers

Lee to lead 25 Kent retail leasing effort

Rubenstein Partners and Heritage Equity Partners have engaged a Lee & Associates to market the 60,000 s/f of retail coming online at their new 25 Kent development in Williamsburg.

Lee’s Jaime Schultz will lead the effort to fill the space which has the ability to provide a single user with retail, office, and light industrial “maker” space under one roof.

“With a large retail footprint and varied unit sizes, set in a configuration designed to promote foot traffic and connectivity to the new Bushwick Inlet Park and the surrounding neighborhood, 25 Kent offers a tremendous new opportunity for both cutting-edge branding efforts and traditional retail that taps into demand from office workers and residents. Williamsburg has never seen retail like this, and we’re excited to be a part of the project,” said Schultz.

25 Kent Avenue, the 500,000 s/f mixed-use commercial property is situated in the Northern Williamsburg. In addition to its 60,000 s/f retail offering, it will offer 376,000 s/f of Class A, new construction office and 64,000 s/f of light industrial “maker” space.

The Wythe Hotel, The Williamsburg Hotel, William Vale Hotel, and McCarren Pool and Hotel are clustered nearby. Popular venues like Brooklyn Bowl, The Gutter, Output, and Smorgasburg are major entertainment draws. Bushwick Inlet Park, a waterfront park under development by the City of New York, adds an appealing outdoor public amenity.

More than 35,000 s/f of ground floor retail space at 25 Kent is arrayed along a central promenade connecting Kent and Wythe Avenues, the major thoroughfares that bracket the 25 Kent site. The design creates a covered outdoor arcade that results in more frontage, greater visibility, and enhanced foot traffic for the retail users.

Unit space sizes on grade range from 1,500 to 15,000 s/f. The additional 25,000 s/f of retail space below grade will offer accessibility from street level, and unique features such as 18.5-foot ceiling heights and over 4,000 square feet of contiguous column-free space.

25 Kent also offers the unique ability to provide a single user with retail, office, and light industrial “maker” space under one roof.

“There are very few opportunities to bring all aspects of your operations to a single location in Williamsburg. At 25 Kent, you can make your product, house your front and back office functions, and sell the product directly into one of the world’s most trend-setting neighborhoods,” explained Jeremiah Kane of Rubenstein Partners, which is leading construction and leasing for the development. “We believe this could be a compelling proposition for some of our tenant prospects.”

Jeff Fronek of Rubenstein Partners, said: “This neighborhood has become a self-sufficient magnet area of Brooklyn. We believe that this is a strongly established mixed-use community in its own right. The connections to Manhattan are excellent regardless of the temporary L train shutdown, but those connections have not proven to be prerequisites for its independent success.”

25 Kent is approximately equidistant from the L train, G train and East River ferry. Uber and Lyft services to Williamsburg have increased over 30 percent within the past two years.

Construction financing for 25 Kent is in place and the project is fully capitalized. Construction is underway and scheduled for completion in Summer 2018.

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