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New Atlantic Terminal/Atlantic Center mall owner: "experiential retail" on third floor, rents doubling

In Betting on Brooklyn: One Major Retail Landlord's Survival Plan, The Deal (via The Street) interviews Ronald Dickerman, founder of Madison International Realty, which bought Forest City's New York retail properties, including the Atlantic Terminal and Atlantic Center malls, in a deal that closed 12/22/17.

He suggested that the foot traffic from the nearby transit hub and the 6,000-unit development means "It's pretty hard to screw this one up." He said they'll "raise rents from $30 per square foot to $60"--an indication that Forest City Realty Trust, parent of Forest City New York, just wanted to get out of the mall business.

As he's said before, he wants Barclays Center visitors to eat next door: "We are going to do a facade redevelopment, some interior renovations, and definitely food and beverage concepts. There's a space on the third floor [presumably at Atlantic Center] that could be experiential retail."

Well, it could be experiential retail because it hasn't worked as anything else.

"We're not necessarily looking to replace tenants on a wholesale basis," Dickerman said, saying, they're "96% occupied," but if they do raise rents, some are surely not going to renew. (Here's a list of mall tenants.)

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