Looks like Boerum Hill might be starving for fashion—literally. The Real Deal is reporting that a retail investment group dropped $18.5 million for a prime corner spot on Smith Street and Baltic Avenue that's currently occupied by local grocery chain Met Foodmarkets.
They plan to knock out the one-story food store—which the article lists as 205 Smith Street, but the grocer's website lists as 197 Smith Street—and build a two-story retail space with 10,000 square feet on the ground level. The space could go to a single tenant, renting at up to $130 a square foot, or could be divided into several units that could rent at up to $160 a square foot.
This sounds awfully familiar to last summer's brouhaha over J. Crew replacing a local grocer on Court Street, just a few blocks away from this site.
However, Met Foodmarkets isn't quite the mom-and-pop that Pacific Green is—according to their site, they operate dozens of stores in the New York City area, including 22 in Brooklyn alone. The company operating these stores, listed as the seller in the contract, did not respond to The Real Deal's request for comment.
News about the Cobble Hill J. Crew has been relatively quiet these days. Instead, much is being made about a Williamsburg location on Wythe Avenue, near the upcoming Whole Foods.
· Jackson Group, Aurora Capital Snag $19M Boerum Hill Retail [TRD]
· The Cobble Hill Grocer Being Replace by J. Crew Speaks [Racked NY]
· Independent Brownstone Brooklyn Stores Aren't Afraid of J.Crew [Racked NY]