Pricing Strategy: A Case Study on Progressive Leasing at 510 Driggs Avenue
At Verada, we understand that pricing strategy is paramount to success in New York City's dynamic real estate landscape. To showcase our prowess in this domain, let's delve into a case study of 510 Driggs Avenue, a brand-new mixed use development with 25,000 square feet of retail space evenly distributed between two floors in the heart of North Williamsburg.
Introduction
In a neighborhood where traditional marketing approaches might fall short with over 12,000 SF of subgrade space, Verada adopted an innovative leasing strategy to maximize total square footage while achieving the highest blended rent for any retail space exceeding 10,000 square feet in North Williamsburg. The goal was to set new benchmarks in the local real estate market, and the results spoke volumes.
The Verada Approach
Our progressive leasing techniques are anything but conventional. We utilize the Verada Approach, an innovative method aimed at identifying and vetting prospective tenants through an omnichannel marketing strategy. This approach draws from our deep understanding of consumer demographics and demand, allowing us to make data-driven decisions in securing top-tier tenants.
Leasing the Unfinished Space
The crowning achievement of this case study was our ability to lease out the multi-level retail portion of 510 Driggs Avenue before its completion. It was a true testament to our commitment to pushing the boundaries of traditional real estate marketing.
The Tenants
Verada successfully secured several exceptional tenants for this premium space:
The Learning Experience: This acclaimed educational institution embraced 12,500 square feet, establishing a hub for early childhood education.
Boris & Horton: A unique café and dog-friendly space occupying 2,600 square feet. It added a layer of vibrancy and pet-friendly charm to the neighborhood.
Baker Pediatrics: Adding another layer of value to the community, Baker Pediatrics took
5,000 square feet, with 1,500 square feet on the grade and 3,500 square feet subgrade. Their presence provided an essential healthcare service for the neighborhood.
Wellness Concept: The remainder of the subgrade space was leased to a wellness concept, contributing to the overall well-being of the community.
Prime Retail Space: Only 5,200 square feet of prime retail space remained, and we are in the process of leasing it at a rate of $150 per square foot.
A Synergistic Community
The co-tenancy of these diverse businesses created natural synergies in the neighborhood. With such a vibrant mix of tenants now calling 510 Driggs Avenue home, the community has gained valuable, long-term, and community-friendly retail tenants at the base of a luxury condo development.
This case study is a testament to how Verada's pricing strategy transcends traditional norms to secure tenants who don't just fill space but enrich communities and create vibrant, successful retail environments. In doing so, we continue to make a positive impact on New York City neighborhoods.
“Brendan and Nate and their team at Verada have done tremendous work for me at 510 Driggs. A great mix of quality credit tenants and operators that work for the property and the neighborhood. A perfect example of progressive leasing.” – Robert Rosenthal, Northlink Capital CEO
