Madison Capital and Salmar Properties have secured a new tenant to fill the space vacated by Bed Bath & Beyond in Sunset Park, Brooklyn, the New York Business Journal first reported. Floor & Decor, an Atlanta-based retailer, is set to open its first New York City location at 850 Third Avenue, signing a 129,000-square-foot lease. The deal, spanning 15 years, comes at a time when retail asking rents in Brooklyn average $554 per square foot.
The lease was secured as Bed Bath & Beyond was closing, so no specific asking rent was disclosed. Over the past year, Floor & Decor has expanded from 200 to 228 locations nationwide. The Brooklyn store is scheduled to open on May 6, offering a full-sized warehouse store catering to home improvement needs.
Jonathan Ratner of Madison Capital, represented the landlord in-house, while negotiations for Floor & Decor were handled by Brian Katz of Katz & Associates.
The post Floor & Decor Leases 129K SF to Open First NYC Location appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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