The UPS Store signed a 10-year full lease for a unit on the ground floor of a 12-story, high-end mixed-use rental building with 63 residential units. Lease negotiations were started and finished during the COVID-19 lockdown era, which presented issues with site visits. To overcome the concerns, all parties wore masks and respected each other’s space by taking turns on the property. The UPS Store will spend between $150K and $200K on tenant fit-out costs, and it expects to open before the end of the year.
Tenant: The UPS Store
Location: Brooklyn, N.Y.
Square Footage: 1,850 s.f.
Property Type: Mid-Rise Mixed-Use Building
Owner: Greystone
Initial Term: 10 Years
With Blink Fitness and Starbucks as its retail neighbors, The UPS Store was interested in the space because it is new construction — completed in 2018 — with favorable walkability access and strong drive-by visibility with 34 feet of frontage. The Union Street subway station entrance is also in front of the space. The UPS Store is looking forward to providing a critical service for the building’s tenants, as well as the surrounding communities.
The area surrounding the space, which is on Brooklyn’s 4th Avenue and borders the Park Slope and Gowanus neighborhoods, has experienced new mixed-use and residential development over the last few years. With the influx of residents, UPS saw a need to provide shipping services since the corridor had been underserviced from a retail and amenity perspective. The Park Slope and Gowanus neighborhoods — the former being an upscale community for young families and the latter being a former industrial area with trendy converted warehouses — are known for their unique bars, cafes and art galleries.
Tenant Representation: M.C. O’Brien, Inc., 4718 Ave. N., Brooklyn, NY 11234.
William O’Brien, Real Estate Broker, (718) 252-9191, Ext. 110. wobrien@mcobrien.com
Property Representation: Katz & Associates, 950 Third Ave., Suite 903, New York, NY 10022.
Daniel D. DePasquale, Director, (212) 257-4996. ddd@katzretail.com
