RKF announced that it has been selected as the exclusive retail leasing agency for two new mixed-use developments in Brooklyn. The firm will be marketing more than 55,000 square feet of retail at Two Trees Management’s 60 Water Street in DUMBO and BAM South at 115 Flatbush Avenue in the Brooklyn Cultural District.
RKF Vice Chairman Barry Fishbach and Senior Associates Ike Bibi and Alex Beard are marketing the opportunities on behalf of Two Trees Management, the Brooklyn-based development firm known for its singular role in transforming the Brooklyn neighborhood of DUMBO from a neglected industrial waterfront into a vital mixed-use community.
“DUMBO and the Brooklyn Cultural District are both thriving, 24/7 neighborhoods that continue to see the growth of commercial and residential developments,” said Fishbach. “These developments are unique opportunities for retailers to expand their footprints and establish outposts in highly-desirable locations that will serve area residents, daytime workers, students and tourists.”
Located in the heart of Brooklyn’s flourishing DUMBO neighborhood and nestled between the Brooklyn and Manhattan Bridges, 60 Water is a new mixed-use residential development at the southeast corner of Water and Dock Streets. Designed by DUMBO-based LEESER Architecture, the modern 17-story building contains 290 residential units and 14,756 square feet of retail space along Water Street. Opened in December 2014, 60 Water commands the highest full-service luxury rents in the borough, with price per square foot rents routinely exceeding rents in desirable Manhattan neighborhoods.
Steps from Brooklyn Bridge Park and the upcoming Empire Stores, a new retail and office complex expected to open in Summer 2016, 60 Water is surrounded by popular retailers, eateries and cultural attractions including Shake Shack, Grimaldi’s, St Ann’s Warehouse, Almondine Patisserie, Soho House, Powerhouse Books, One Girl Cookies, Aegir Boardworks, and future outposts for West Elm, Shinola and Vinegar Hill House. For more than two decades, Two Trees Management has curated DUMBO’s retail mix of concept stores, independent boutiques and food purveyors, attracting thousands of residents, office workers and visitors. The firm remains committed to supporting DUMBO’s unique cultural identity and supports retailers that will add to the vitality and value of the neighborhood over time. RKF is targeting fashion, furniture, home goods, specialty stores, fitness and accessory tenants for the property.
Over the past decade, DUMBO has been one of Brooklyn’s fastest growing neighborhoods, with thousands of new units of housing and millions of square feet of office and retail space. With over 5,000 residents, the neighborhood is home to a growing population of well-educated and professional households with an average household income of $200,000. DUMBO is New York City’s epicenter for creative technology firms and is home to nearly 15,000 office workers. Over the years, an impressive number of DUMBO tech start-up companies have gone on to become name-brand powerhouses, including Etsy, Carrot Creative, and Huge. This growth is expected to continue as plans for new major hotel, commercial and residential developments are underway.
115 Flatbush Avenue
RKF is also marketing 42,265 square feet of retail space at the base of BAM South (115 Flatbush), a new 32-story, mixed-use residential and cultural development situated at the gateway to the Brooklyn Cultural District and Fort Greene. Located at the southeast corner of Flatbush and Lafayette Avenue, the retail portion of the 380-unit development is the largest available footprint in the area, with 7,745 square feet on the ground floor and 34,020 square feet on the lower level.
Designed by Enrique Norten of TEN Arquitectos, BAM South is one of the most architecturally distinct residential developments under construction in the area. With the lower floors of the building dedicated to Brooklyn cultural tenants, including four Brooklyn Academy of Music cinemas, and an iconic 15,000 square foot public plaza, the development is expected to attract thousands of visitors every day. Two Trees is committed to selecting a tenant that compliments both the world-class architecture of the building and the identity of the Brooklyn Cultural District.
BAM South is located one block from Atlantic Terminal, the city’s third largest mass transportation hub with 11 subway lines, 11 bus lines as well as the Long Island Railroad. Neighboring retailers at the Atlantic Center and City Point include Target, Uniqlo, Best Buy, Stop & Shop, Guitar Center, Old Navy, Victoria’s Secret, Buffalo Wild Wings, Shake Shack, True Religion, Trader Joe’s (coming soon) and Century 21 (coming soon).
“This is a great opportunity for a large format user that is looking for a highly-visible location along one of the City’s busiest corridors. The location has the densest office and residential population in all of Brooklyn,” added Beard.
Since 2004, the Downtown Brooklyn/Brooklyn Cultural District has seen over $6 billion in investment and features a mix of office space, higher education institutions, residential development, retail and two professional sports franchises. It is home to an affluent resident demographic and a high daytime population. Along Fulton Street, a major retail corridor, the pedestrian mall welcomes more than 100,000 shoppers a day and will soon feature the 1.8 million-square-foot mixed-use City Point development, which will be anchored by Century 21, City Target and Alamo Draft House.
The Barclays Center, located just one block from BAM South, seats up to 19,000 visitors and holds over 220 events annually. Directly adjacent to the BAM South retail space is Atlantic Terminal-Barclays Center transit; with 13.6 Million riders annually, it is Brooklyn’s busiest transit hub. An additional 14,000 residential units are planned or under construction in the area.