CPEX tapped to lease three Brooklyn developments

Real Estate Weekly, August 27, 2008

CPEX Real Estate has been named the exclusive agent to lease retail space in three of downtown Brooklyn's largest residential developments: 200 Schermerhorn Street, 200 Livingston Street, and 240 Atlantic Avenue, Timothy D. King, principal of CPEX Real Estate, announced.

"Downtown Brooklyn presents an excellent opportunity for retailers because it's the site of seven colleges and universities with 38,000 students, 80,000 residents, and 100,000 office workers, making it the third largest business district in New York City," Mr. King said. "The future for the area is even brighter. By 2012, downtown Brooklyn will have attracted $9.5 billion in private investment, 1.6 million square feet of retail, 35,000 new residents with annual household income of $140,000, 1.5 million square feet of office space, 1,250 hotel rooms, and $275 million in infrastructure improvements."

In addition to Mr. King, Ryan P. Condren and Eric G. Altschul, associate directors of retail leasing for CPEX Real Estate, are the leasing agents for the exclusives. The three downtown properties have the following features: State Renaissance Court at 200 Schermerhorn Street: This award-winning residential development features 16,000 s/f of retail space divided into four units. Three of the retail units are leased and a 1,461 s/f space is still available. The newly constructed building offers more than 158 residential units for low- and moderate-income families and a 72-car parking garage.

200 Livingston Street: This new development located between Hoyt, Smith, Livingston, and Schermerhorn Streets offers three retail spaces that will be available November 2008. One retail unit is 5,489 s/f, the second is 4.435 s/f. and the third is 4.760 s/f. The second and third units can be combined to create a larger space. The retail space is on the ground floor of the 25-story, luxury residential building being developed by SDS Procida. The development will feature more than 220 residential condominiums, an on-site parking garage, 24-hour doorman, landscaped garden, coffee bar, and state-of-the-art fitness center.

And 240 Atlantic Avenue: Ground floor retail space ranging from 500 to 44,000 s/f will be available when this development is completed in the summer of 2009. The five-story building located on the southwest corner of Atlantic Avenue and Boerum Place will feature 179,000 s/f of residential space and two levels of underground parking.