561 Pacific Ave
Market: Boerum Hill
Property Type: Luxury mixed-use condo building w/ 62 units
Asset Class: Retail Condo
Owner: Adam America
Size: 11,000 SF
Tenant: Grocer Downtown Brooklyn Organic Market, Dental Practice, Dermatologist
Amidst the COVID-19 pandemic, hundreds of retail spaces sat vacant. To combat this challenge, Verada Retail adjusted its marketing strategy to target "pandemic-proof" businesses and created a successful progressive lease out of a multi-level retail condo located at 561 Pacific Avenue in Brooklyn.
Nathanial Mallon and Brendan Thrapp from Verada Retail represented both the landlord and tenants in the transactions. They were successful in negotiating record high rents for the developing Fourth Avenue corridor.
The Verada team identified and executed three leases for credit-worthy and COVID-proof businesses, bringing an organic market, dental practice, and dermatologist to the luxury mixed-use condominium. The retailers sit just below floors of amenities already offered by the condo, “including a private fitness center, children’s playroom, and residents' lounge, [which] opens up onto a light-filled courtyard.”
All three tenants bring immense value to current residents in the community, as well as new residents coming to reside at the newly constructed luxury-condo property.
The first, Downtown Brooklyn Organic Market, adds a much needed organic grocery store to the densely populated community. Conveniently located above a subway exit, this retailer features fresh produce, meat and dairy products, as well as a deli counter. With “organic” in its name, Downtown Brooklyn Organic Market is perfect for shoppers needing quick and easy access to staples like alternative milk products, seltzer, imported snacks, and ice cream (including dairy-free options).
The other two tenants – both of which fall within the healthcare sector – were strategically identified to address changing consumer demands within the community. While more individuals are working from home, another shift has occurred with the introduction of healthcare-related services in communities formerly dominated by residential properties. These new retail tenants are providing key services to people who no longer commute to commercial neighborhoods.
All three tenants signed long-term leases three months after construction was completed.