Brooklyn, NY MARKhas completed a lease at 109 North Sixth St. in Williamsburg to Madewell.
Madewell will occupy over 8,300 s/f of retail space across the first and second levels, as well as the cellar. The building at North Sixth St. provides frontage on one of Williamsburg’s main thoroughfares and is a retail destination.
GoodSpace and Open Space Realty co-brokered the deal. Ian Lester, Esq. and Rebecca Clareman, Esq. were legal representation for MARK, while Madewell was represented by in-house counsel Marilyn Williams and Andrew Bank, Esq. of Morrison Cohen.
Madewell at 109 North Sixth St. is expected to open this spring.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,