Condren, Triglia and Danut of CPEX complete 168 Court St. lease with Louis Vuitton Subsidiary; Brands first Brooklyn location

The CPEX New York retail leasing team completed a lease agreement at 168 Court St. with a subsidiary of Louis Vuitton. Located between Amity and Congress Sts. in Cobble Hill, the four-story building consists of 600 s/f of ground floor commercial space with an additional 1,000 s/f of cellar space and a 1,100 s/f backyard. According to a 2013 study performed by CPEX, retail rents in this part of Brooklyn ranged from $65 to $79 per s/f. In the retail leasing team's 2014 Brooklyn Retail Report, pricing along this stretch of Court Street have jumped to between $150 and $199 per s/f. CPEX's retail leasing team, consisting of managing director Ryan Condren and associates Kristina Triglia and George Danut, represented the landlord in negotiating the lease transaction. Alliance Commercial Property LLC represented the incoming tenant, Benefits Cosmetics, in the transaction. A subsidiary of Louis Vuitton Moet Hennessy, Benefits Cosmetics will open its first Brooklyn location at 168 Court St. "We received multiple competitive offers for this prime location and ultimately entered a bidding war between prospective tenants," said Condren. "As a result, we reached a record number for rental rates on this section of Court St., more than double the rents that retailers were paying as recently as 12 months ago."