Sunset Park has indeed gone beyond.
Liberty View Industrial Plaza, formerly known as Federal Building No. 2, will soon be home to the borough’s second – and South Brooklyn’s first — Bed Bath and Beyond.
The big box store will be part of a completely modernized eight-story retail, industrial and technology complex as soon as the end of the year (early 2016 the latest), said Marvin Schein, managing member of the building’s owner, Salmar Realties.
“It’s been a while in the making,” said Schein of the two-and-a-half-year overhaul and $100 million renovation that will soon see Bed Bath and Beyond – and three corporate siblings, buybuy BABY, Cost World Plus Market and Harmon Face Values – coming in on the second floor of the nearly 100-year-old building, “but the building has now been totally finished and they’re ready to start the construction.”
The plan, he said, will also see a third (still undecided) retail component joining the already operating electronics retailer Micro Center on the ground floor.
“I think this is a huge thing for Brooklyn and Sunset Park specifically because the need for good retail shopping is very important, and the community really lacks that right now,” Schein said, adding that Bed Bath and Beyond – originally intending simply to open up shop – has since decided to use the space to their advantage, creating a “new shopping experience for the customer.”
“This transformative building provides us with an opportunity to create a unique shopping venue that allows us to showcase our company’s evolving customer interaction capabilities and merchandise offerings,” said Barry Feld, CEO of Cost Plus World Market and senior executive overseeing the project. The Sunset Park location will be the first Cost Plus to open in New York State.
Among other things, Schein told this paper, the brand new shopping center will feature food kiosks, cooking demonstrations and a “relaxing” café.
“It’s going to be an experience for the shopper rather than the typical single location store that’s in a mall,” he explained. “It’s a whole new concept for Bed Bath and Beyond.”
CPEX’s Retail Leasing Team, consisting of Managing Partner Timothy King, Managing Director Ryan Condren and Associate Directors Kristina Triglia and George Danut, represented the landlord, Salmar Properties, in negotiating the lease transaction, amounting to 140,000 square feet in the space.
Lon Rubackin of CBRE represented Bed Bath & Beyond.
“This transaction serves as a testament to the power of perseverance,” said King. “It took more than two years to find a tenant that shared the landlord’s vision. Ultimately, the landlord was able to secure a high-quality tenant and Bed Bath & Beyond was able to capitalize on a once-in-a-lifetime opportunity to be part of the burgeoning Brooklyn retail market in Sunset Park.”
The building, 850 Third Avenue, is located along the Sunset Park Waterfront and next door to the six-million-square-foot Industry City. In December, the city announced it would invest $3.5 million dollars towards a fashion manufacturing hub of the same size within the same complex.
“It really puts the building on the map,” said Schein.