The 9,000 SF ground floor of 958 Nostrand, aka The Plex — Brooklynian

The 9,000 SF ground floor of 958 Nostrand, aka The Plex

We jabbered about The Plex during its' construction: http://www.brooklynian.com/discussion/16626/958-nostrand/p1

As it neared completion in 2012, it was clear to me that the developers had a long range focus, IE they were constructing the apartments and commercial space for tenants they believed would live in the neighborhood several years AFTER it was to open.

The developers seemed to have deep pockets and seems to factor that the apartments would take a while to lease up, and have left the ground floor vacant until tenants that matched their price point and brand arrived.

Despite today's stock market drama, I believe one or more tenants for the ground floor will soon be found.

The neighborhood is ready.

The ads have been placed: http://www.cityfeet.com/cont/ForLease/LN18639455/958-Nostrand-Avenue-Brooklyn-NY-11225

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Comments

  • edited February 11
    no tenant yet. $23k a month was the ask in this ad from 2017. https://www.agorafy.com/listing/9354/958-Nostrand-Avenue-Retail-for-Lease-Ground
  • whynot_31 said:
    no tenant yet. $23k a month was the ask in the add from 2017. https://www.agorafy.com/listing/9354/958-Nostrand-Avenue-Retail-for-Lease-Ground

    This commercial space has long been a curiosity to me. Usually when a new condo is built with a massive ground-level retail, they have a particular high-dollar tenant lined up. Otherwise, why not break it up into multiple smaller commercial spaces? The only kind of tenants I can imagine seeking out that kind of square footage are grocery stores, some banks, and super-successful fine dining establishments needing more square footage. Maybe they're waiting for Associated Foods across the street to shut down?
  • The Associated is expected to be around until 2021. http://www.brooklynian.com/discussion/comment/574509 So, their plan is not clear to me. ...for the past few years, they could have rented it out for less money, but would have at least been SOME MONEY.
  • I would think that without some sort of parking lot this will be tough to rent. There's not even a municipal lot nearby.
  • There is a subway nearby.
  • A subway or bus route is not equivalent to parking because if one is going to shop then it's no fun dragging a bunch of bags on public trans as opposed to putting them in the trunk.
  • Pragmaticguy, Associated does local delivery so I'm assuming any grocer that might have opened in that space would offer a similar service. Lots of homeowners within only a few blocks, only takes a few vans and they'd have a fleet! As an aside though, I've been on Empire since 2013 and it's pretty sad that five years on nearly, nobody is in this space. Same for Toomey's ruins, the dental office on Empire/Rogers falling apart, and the former medical plaza on Empire/Rogers next to the liquor stores. Don't get me started on Empire/Rogers to the park either LOL
  • Much of Empire is being warehoused until there is a rezoning. This includes storage facilities, which are constructed cheaply and in a way that they can be later converted. I'm kind of surprised they have broken it into little stores (dry cleaners, etc). ...but I assume that they can't get one that is willing to sign a 5 year lease. In 5 years, this part of Nostrand will be a different market.
  • @rararuuu, I wasn't referencing a super market per se but any kind of big box store where people need to carry big boxes home. Could even be a place like P.C. Richard for example. And Associated has a parking lot which is always busy so whatever home delivery they do is as a convenience.
  • Until Associated goes away, I can't see a market (even an upscale one) being interested in the Plex site. I also suspect that the Associated site will take advantage of the Fresh program and/or put in some subsidized units to build higher. http://www.brooklynian.com/discussion/44684/associated-supermarket-on-nostrand-avenue-at-sullivan-place
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