New salon opens in Cobble Hill

Real Estate Weekly, March 19, 2008

Grubb & Ellis Company announced that its New York office recently represented Atlantic Assets in its lease of 1,000 s/f of space to Aveda at 527 Atlantic Ave. This stylish boutique will operate both a salon and retail store.

This salon's new location will complement a collection of upscale retail and residential buildings in the quickly transforming area between the Brooklyn Heights/Cobble Hill neighborhoods and commuter-heavy Atlantic Terminal and Flatbush Avenue.

This high-traffic corridor has seen significant development in recent years, with many new, upscale retailers planning expansions and development.

Located at the confluence of Flatbush, 4th, and Atlantic Avenues, 527 Atlantic Ave. affords tenants an extraordinary opportunity for retail locations in a building unique to Brooklyn and all of New York City. Atlantic Assets, the owners and redevelopers of these unique properties recognize the changing face of downtown Brooklyn.

Their vision and insight are leading the transformation of these previously disregarded properties into a corridor that will mirror that of SoHo while keeping the flavor of the neighborhood. The six available retail spaces--all represented by Grubb & Ellis--are built around an architecturally designed communal garden. Each tenant will have direct access from their store to the courtyard and garden, which will be shared during the warmer months by an as-yet-unnamed restaurant. Multiple prominent restaurateurs are currently bidding on one of the leases.

The location is highly accessible to public transportation An additional 20,000 residential units are currently planned or under construction within walking distance.

Stanley Lindenfeld, senior managing Director of Grubb & Ellis, said, "These spaces on Atlantic Avenue represent the changing face of the neighborhood as it transforms into one of New York City's cultural, residential, and commercial hubs.

The addition of high-end retail stores surrounding a beautiful garden adds a unique upscale retail plaza to an already thriving part of Brooklyn. Grubb & Ellis, together with Atlantic Assets is thrilled to play a key role in this unique retail opportunity."