The bustling corner of Flatbush and Church avenues in Flatbush, Brooklyn is getting a new tenant.
Flatbush Adult Daycare signed a 10-year lease for 8,000 square feet on the second floor of 885 Flatbush Avenue, a four-story, 1920s bank building on the southeast corner of Church Avenue, according to tenant broker Helmsley Spear. Asking rent for the space was $35 per square foot.
“This has truly been a wonderful achievement bringing this service in a 10-year lease to thisexcellent Brooklyn location,” Helmsley Spear’s Rene Hamilton, who represented the tenant, said in a statement.
Timothy King of SVN CPEX Real Estate brokered the deal for landlord Madison Realty.
King said that a nonprofit had been in the space for decades and left just before the pandemic. The landlord decided to renovate the upper floors and replace the windows in 2021 and 2022.
“I think this is a great example of a post-COVID transaction, where a savvy operator meets an enlightened ownership and they craft a great deal,” said King. “I anticipate the leasing of this floor will accelerate our leasing efforts for the balance of the building.”
The ground floor is home to a Citibank branch, which has occupied the street-level space for more than a decade.
Rebecca Baird-Remba can be reached at firstname.lastname@example.org.