Ann Taylor sewed up a lease on Brooklyn’s pricey Fulton Street Mall, where the women’s clothier plans to open a factory store.
The retailer signed a lease for just shy of 5,900 square feet at United American Land’s 447 Fulton Street on the corner of Jay Street, where the asking rent was $375 per square foot.
Ann Taylor, named after one of the company’s best-selling dresses, plans to open an outlet-style store at the location.
“The fact that Ann Taylor chose this prime location as its first Factory concept store further validates the shopping power of Fulton Street as Brooklyn ‘s premier shopping destination,” said United American’s Albert Laboz, who is also chairman of the Fulton Mall BID.
Michael Friedman of Inline Realty represented both sides in the deal.
The women’s clothing chain already has a factory store in Queens, but Laboz said that was converted from a traditional mainline store, and if the factory concept proves successful the retailer will launch further locations.
The company, which was recently acquired by Lane Bryant owner Ascena Retail Group for $2.1 billion, gave up its “Gold Coast” Madison Avenue location in 2014. It joins a growing list of retailers targeting the lower-priced segment of the retail market with outlet locations that include department-store brands such as Nordstrom, Saks Fifth Avenue and Bloomingdale’s.
Ann Taylor is also the latest national retailer to plant its flag on Downtown Brooklyn’s premier shopping strip, which has been undergoing a makeover in recent years.
The Fulton Street Mall, stretching eight blocks from Adams Street to Flatbush Avenue, commands the second-highest asking rents in Brooklyn, behind only Bedford Avenue in Williamsburg.
Asking rents on Fulton average between $250 and $350 per square foot, according to CPEX Real Estate’s recent retail report for the borough.
Big-name brands like Forever 21 and Nordstrom Rack are replacing local shops, and projects like Tishman Speyer’s redevelopment of the Macy’s on Fulton Street and the mixed-use City Point project promise to further the area’s change.
Source: The Real Deal