The opening of the NetCost Market at 3100 Ocean Avenue has been a cause for celebration in Sheepshead Bay this summer, offering hard-to-find imported goods and fresh produce for the residents of this densely-populated neighborhood.
The 35,000 s/f location, between Voorhies Avenue and Shore Parkway, also represents the fourth lease arranged for the chain by Jason Gerbsman, Managing Principal, HUDSON. But unlike the others, this one encompassed many long hours of complex negotiations, a buy-out from the previous tenant Gala Fresh Farms, which had acquired the lease at the A&P bankruptcy auction, and working with building ownership to secure a rare long-term lease.
“We knew how important this location would be for NetCost, so we carefully approached the new operator with the idea of selling us the market and the leasehold — and then we waited” said Gerbsman. “Ultimately, we were successful and once we had possession, we worked closely with the building’s ownership to secure a new long-term lease, which enabled our client to spend what was necessary on a proper renovation for a cutting-edge, first-class international specialty store.”
Currently, NetCost, has 11 other stores throughout New York City, New Jersey and Philadelphia. Last year, Gerbsman arranged the lease for a 40,000-square-foot NetCost Market, currently under construction in the Neptune Sixth development in Coney Island, formerly Trump Village. He has also arranged leases for NetCost Market to Manalapan, NJ, and its gourmet sister-brand, Gourmanoff, to Paramus, NJ.
Gerbsman continued, “NetCost is an American success story. It’s a family-owned business specializing in goods geared to multi-cultural communities. We are thrilled to be a part of the company’s ongoing expansion.”
Asking rent for the 3100 Ocean Avenue lease was $25 psf. The owner, Norse Realty, was represented by Jerry Welkis of Welco Realty.