The first Rag & Bone outpost in Brooklyn opened this weekend in Cobble Hill at 160 Court Street—the home of the Downtown Bar & Grill, which shuttered in February. Inside, the brand left up a wall of beer stickers as a tribute to the previous tenant, which was in the neighborhood for eight years.
Rents in the area have surged considerably over the past few years, thanks to interest from big-name national brands like J.Crew and, before that, Trader Joe's. Crain's published a few stats back in April, which included this shocker: "A clutch of retailers are currently bidding up the price of a roughly 1,000-square-foot space to well north of $150 per square foot in an ongoing contest that could still push that price closer to $200."
To put that in perspective, some of those rents were "a mere" $35 per square foot pre-Trader Joe's.
· It's Official: Rag & Bone Is Coming to Court Street [Racked NY]
· Independent Brownstone Brooklyn Stores Aren't Afraid of J.Crew [Racked NY]
· National Retailers Clamoring For Their Slice of Cobble Hill [Racked NY]