58 St. Marks Place
Market: Boerum Hill
Property Type: Luxury mixed-use condo building w/ 100 Units
Asset Class: Retail Condo
Owner: Avdoo & Partners Development
Size: 11,800 SF
Tenant: Grocer “Food Garden Market”
Within three weeks of receiving agency on an 11,800-square-foot retail space, the team at Verada Retail delivered an executed letter of intent (LOI) from high-end grocer Food Garden Market. The addition of the supermarket was highly anticipated, given the multiple luxury residential condos and rental developments in the surrounding area.
Leveraging the Verada approach – a three-pronged marketing concept uniquely designed for New York City’s sophisticated market – the team successfully identified the most conducive use for the building and neighborhood. This targeted approach enabled team members to identify tenants who were more likely to choose the space, which led them to Food Garden Market.
The lease was signed one year prior to the anticipated temporary certificate of occupancy (TCO), allowing ownership to capitalize on the entire retail condo pre-delivery and add a sought-after neighborhood amenity at the base of the building. Additionally, by signing a long-term lease, this credit-worthy tenant brought stability and added value to the existing building.
With one other location at 608 Franklin Avenue, Food Garden Market has now expanded its presence to 58 St. Marks Place. The growing retailer offers a garden variety of services, including a butcher shop, fish market, artisan cheese and charcuterie, salad station, bakery, café and juice bar, prepared foods, and a beer garden. Priding itself on honesty, great service, quality, local goods, healthy living, and unique experiences, Food Garden Market is an exceptional addition to Boerum Hill. Moreover, the tenant will help support the landlord’s future plans; in 2022, the firm closed on a $44 million transaction – four residential parcels that will be developed into another residential project.
Nathaniel Mallon and Brendan Thrapp represented both the landlord and tenant in the transaction. This was the second transaction where they represented Food Garden Market; they represented the company when it leased its initial location in Crown Heights.