Floor & Decor Inks Largest NYC Retail Lease Of 2024

A massive Brooklyn lease inked by an Atlanta-based flooring company nabbed the city’s largest retail lease – and won the Real Estate Board of New York’s Retail Most Ingenious Retail Deal of the Year award – in 2024.

Chain store Floor & Decor took 129,000 square feet in Sunset Park for its first New York City location. Just like in Manhattan, chain stores grabbed many of the largest leases in the outer boroughs.

“It was a really good year for retail,” said Brian Katz of Katz & Associates, who represented the flooring company. “As rents creep up, I think you’re seeing people try and get in and secure locations before there’s no space.”

In Brooklyn, the supply of larger spaces is tightening, according to a recent report by the Real Estate Board of New York. Meanwhile, average asking rents are up from a year ago but remain 15 to 30 below per-pandemic levels in most neighborhoods, according to REBNY.

Chain stores inked four of the year’s five largest leases in the outer boroughs. Below are the top five outer borough retail leases through November 2024, ranked by square footage.

1. Floor & Decor | Sunset Park | 129,000 square feet

Floor & Decor signed a 129,000-square-foot lease at 850 Third Avenue, owned by Madison Capital and Salmar Properties. The retailer signed the lease for its first New York City location at the former Bed Bath & Beyond in May. Brian Katz and Daniel D. DePasquale of Katz & Associates represented the tenant. Madison Capital’s Jonathan Ratner represented the landlord in-house.

2. Vibe Fitness | Long Island City | 55,000 square feet

A local fitness chain inked a large lease at the Vorea Group’s new commercial development in Long Island City. Vibe Fitness is taking 55,000 square feet across three floors at 10-04 Borden Avenue in Queens. The initial lease term is 10 years and the average asking rent at the complex, which is also home to the indoor skydiving facility iFLY, is $65 per square foot.

Adam Joly and Rachel Cohen of Igloo, Vorea’s commercial leasing arm, brokered the deal for the landlord. George Maragonis and James Tack of Pinnacle Realty and New York Squared Real Estate Group’s Constantine Hrisikos represented the tenant.

3. Bedford Stuyvesant New Beginnings Charter School | Williamsburg | 51,000 square feet

A Brooklyn charter school company inked a 35-year lease for its second location at a new mixed-use building in Williamsburg. Bedford Stuyvesant New Beginnings Charter School will take 51,000 square feet at the Morris Adjmi-designed building at 217 North 10th Street. The asking rent was around $70 per square foot. A new high school will occupy the bottom three floors of the mixed-use building developed by Largo, a real estate development and investment firm. Josh Berger of Norman Bobrow & Company represented the charter school. A CBRE team including Jason Frazier and Jesse de la Rama represented the landlord.

4. 99 Ranch Market | Flushing | 44,000 square feet

The West Coast-based market inked a new lease in the Flushing building at 37-11 Main Street. It will be the grocer’s first location in New York City. The building is owned by Mehran Realty Group.

5. Guitar Center | Downtown Brooklyn | 19,000 square feet

Guitar Center inked a 15-year lease for 19,000 square feet at the base of The Paxton apartment tower in Downtown Brooklyn. The musical instrument retailer will relocate to 540 Fulton Street from the Atlantic Terminal Mall. Ripco Real Estate represented the landlord Jenel Real Estate. Asking rent was $200 per square foot on the ground floor and $40 per square foot on the lower level, the Commercial Observer reported.