Friday, November 29, 2013

Barclays retail round-up from the Brooklyn Eagle: Tony Roma progress, Triangle still needs tenant, Shake Shack coming next spring

The Brooklyn Eagle has followed up on some local real estate stories.

From Tony Roma's the new kid on the block near Barclays Center, 11/27/13 , the Eagle reports that 200 people have been hired for the new Tony Roma's in the Atlantic Terrace building catercorner to the arena block, with more than 90% from Brooklyn:
As a consequence of their hire-local strategy, these Tony Roma's franchisees will be ploughing wages into their new community, which is a good thing.
Um, should we know the actual wage level for these five- and six-hour shifts before concluding that wages will be "ploughed"?

They're expecting to open December 10 with about 140 total workers. The 15-year lease was signed before the New York Islanders agreed to move in 2015, and the owners are paying about $60 per square foot in rent, less than one-third the rent  of some spots on Flatbush Avenue on the "busier" side of the arena.

What about the Triangle building? And Bergen Tile?

In Tenant wanted at Triangle Sports building, 11/27/13, the Eagle quotes David Rosenberg of brokerage RKF, who's still trying to find a tenant for the building located at Flatbush and Fifth Avenues, which sold for a seemingly astronomical $4.1 million:
The wedge-shaped building has signage that's visible from three sides – which is factored into the rent. So it would work best for a big restaurateur with multiple operations or a retailer like Nike, Reebok or Puma, a tenant “that clearly has drawing power, puts a value on the branding opportunity and caters to the frequenters of the area,” he said. The asking rent on the property, which is 6,111 square feet in size if you count the roof deck, is in the “general range” of $200 per square foot, he said. He's in talks with “various types of users.”
As for the Bergen Tile building on the north side of Flatbush Avenue, at Dean Street, the owners are demolishing the structure in anticipation of a newly designed apartment building with retail space, which will be marketed in the second or third quarter of next year.

Shake Shack coming... in spring

In To hell with that diet: Shake Shack site construction starting on Flatbush Avenue, the Eagle reports:
Park Slope landlord Michael Pintchik expects to start construction next week “with a little bit of luck, assuming there are no glitches” on the site at 170 Flatbush Ave. that will put Danny Meyer's Shake Shack thisclose to Barclays Center.

And the burger-and-fries mecca could be getting a “very successful Manhattan restaurateur” as a new neighbor, landlord Pintchik revealed to the Brooklyn Daily Eagle. That tenant has a lease out for the combined retail spaces at 208 and 210 Flatbush Ave., with plans to build a “Brooklyn-centric” restaurant, he said.
A Shake Shack rep said an opening is planned for late spring of next year.

What's particularly interesting is that the spaces at 208 and 210 Flatbush are part of a space formerly operated by a New York Methodist Hospital walk-in clinic--a use that was clearly rendered secondary when the arena opened.

...The word on the street is that the rent for Shake Shack's Flatbush Avenue space is more than $150 per square foot. Neither Pintchik nor Waters would disclose lease terms.


  1. I thought Shake Shack was dead?

  2. Shake Shack was originally due this fall
    so it's been delayed. But no word that it's been killed.