882 Fulton Street Retail Space Will Benefit from the Ongoing Influx of New Residents to the Historic Clinton Hill Neighborhood
NEW YORK —RKF, the country’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that it has arranged the $7.5 million sale of a 8,753-square-foot new development corner retail condominium at 882 Fulton Street in Clinton Hill. The transaction closed on June 19, 2017, and is the largest retail condo sale in Brooklyn in 2017 as well as the record-setter for price per square foot in the borough.
RKF Vice President Brian Segall represented the property developer, Orange Management Inc., in a direct deal with the buyer 101 Holdings.
Situated at the intersection of Fulton Street and Waverly Avenue, 882 Fulton Street is ideally situated along the well-established Fulton Street retail corridor, with other upcoming developments in the immediate surrounding areas that are poised to transform retail tenancies and drive increased retail demand. 882 Fulton Street is located just four blocks from Pacific Park, Brooklyn’s largest residential development, which is adding 6,400 residential units to the neighborhood. Nearby eateries and retailers include Emily Pizza, Hot Bird, Belli Osteria, Hops Hill, Sisters, Gallito’s Mexican Urban Kitchen, Capital One Bank, and NYC Fresh. There is a Manhattan-bound C train entrance across the street.
The retail space is located at the base of a newly-constructed 50-unit luxury residential condominium. It includes 7,568 square feet of ground-level space and 1,185 square feet of space in the lower level.
As the neighborhood’s day- and full-time population continues to grow, the demand for retail, area services, and restaurants has increased. The neighborhood is an established residential destination, with young professionals and families, and is also popular with students from nearby Pratt Institute and St. Joseph’s College.
“Brooklyn’s ongoing retail expansion, driven by population growth and changing demographics, makes it one of our most active markets, with many exciting, high-profile developments,” said Segall. “Investment sales opportunities in the borough are becoming more attractive to investors.”
According to Andrew Bradfield, principal of the developer Orange Management, “While the New York City retail market is currently in a transitional phase, there will always be demand for high-quality corner locations, especially ones situated in the immediate proximity of subway access.”
The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $30 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco, Tokyo and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.
RKF’s New York City office is located at 521 Fifth Avenue, Floor 7, New York, NY 10175.
T: 212.599.3700. www.rkf.com