Reichenbacher and Levitan of Lee & Associates arrange 10-year lease; Fried of In-Haus LLC assists

Peter Levitan, Lee & Associates

Brooklyn, NY Peter Levitan, senior managing director and principal, and Brendan Reichenbacher, associate of Lee & Associates NYC LLC have set a local record with a 10-year lease for a second Paulie Gee’s at 110 Franklin St., on the corner of Noble St. in Greenpoint. In the mid-$80s per s/f, the lease represents one of the highest rents along the Franklin St. corridor. The popular pizzeria, which has been acclaimed for its creative combinations of locally sourced ingredients, is taking the space, which features 1,400 s/f on the ground floor and 500 s/f in the basement.

Located three blocks from the Greenpoint Ave. G train stop, it is close to such neighboring attractions as Brooklyn Expo Center, Beacon’s Closet, Peter Pan Bakery, Oak, and more than 5,000 residential units under construction at Greenpoint Landing.

“Paulie Gee’s lease is proof that rents on Franklin St. are starting to catch up to Manhattan Ave. values,” said Levitan, who represented the owner, Franklin Developers LLC, with Reichenbacher. “Many tenants prefer Franklin’s charm, cotenancy, and proximity to the development on the waterfront.”

“We see tremendous value in the Franklin Street retail corridor and are excited to have a thriving local restaurant expanding in our space,” said Adam Abuaf of Franklin Developers LLC. “We are happy to be a part of Greenpoint’s growth and to maintain the neighborhood’s flair by supporting local businesses.”

The lease is the latest example of Levitan’s acumen for emerging retail corridors. At the end of 2014, his all-cash sale of 184-186 and 204-206 Bedford Ave. set a new Brooklyn record and was the year’s most expensive in all of New York City. Months later, his retail sale of 312 Leonard Street was the highest price received for a Williamsburg property east of the Brooklyn-Queens Expressway, and his lease at 857 Union Street set a Park Slope rent record.

Zach Fried of In-Haus LLC represented the tenant, which is expected to take occupancy in the second quarter of 2016.