A&I Broadway Realty has announced the completion of a retail transaction in the Dumbo area of Brooklyn. Petar Videv represented the property developer, Boymelgreen Developers in this transaction. Mr. Videv negotiated and finalized the terms of the lease for the ground floor space located in the Beacon Tower at 85 Adams Street. The space occupies 3,753 square feet and is located at the corner of York Street and Adams Street. This transaction was very creative in its conception and owing to his experience, Mr. Videv was able to provide the future tenant with full service by analyzing the tenant’s architectural needs and providing much needed advice. The tenant is an Imagine Early Learning Center, which is a day-care center with specific needs in terms of lighting, air, egress conditions and licensure requirements.
This unique space is located in the rapidly changing Dumbo neighborhood, where population has grown faster than the availability of basic services such as day-care. This deal brings a day-care center to a community much in need of one. During A&I Broadway Realty’s marketing process, this prime corner location generated a lot of interest from banks, supermarket and various national franchises which were prepared to pay top dollar. This deal was a satisfactory to both the Landlord who got best possible price combined with a preferred use and the tenant who was able to negotiate great lease terms.
Petar Videv was involved in every step of this transaction. He understood the specific requirements of the tenant, negotiated these terms with both the landlord and the tenant’s representative from all legal and financial aspects of this transaction. He closely followed the tenant’s architectural needs and build-out. Mr. Videv also completed this time consuming transaction from start (the initial offer) to finish (the signed lease) in approximately six months. It involved weekly site visits, sometimes daily follow-ups, multiple conference calls and detailed approvals with all parties involved.
Terrance Leray the sales associate of Halstead represented tenant in this transaction.
This deal was nominated for “REBNY Retail Deal of The Year Award.”
