"CVS to Open Large Store at The Edge", (c) Linda Collins, The Brooklyn Daily Eagle, 5 May, 2010

WILLIAMSBURG — CVS pharmacy and a wine/liquor store have signed leases at The Edge, a mixed-use 1,000-plus-unit residential development on the waterfront in Williamsburg, it was announced Monday.

Combined, the stores — the first retailers to sign leases at The Edge — will occupy close to 15,000 of the 60,000 square feet available for retail use.

“We’re thrilled to have signed two tenants that will not only help to better serve residents of The Edge but the entire community,” said Jeffrey Levine, chairman of Douglaston Development, the developer of The Edge.

CVS To Combine 4 Spaces

CVS, reportedly the nation’s largest pharmacy, will create a 24-hour store in a 13,000-square-foot ground floor corner space at North Sixth Street and Kent Avenue.

It will also be Williamsburg’s largest drug store, according to broker Robert Greenstone, CEO of Greenstone Realty, who brokered both transactions.

Four retail units will be combined to create the store, said Greenstone, who added that the asking price on the space was $55 per square foot, the length of the lease is 20 years, and the pharmacy chain plans to open its doors in seven months.

“We’ve had retailers ranging from restaurants to grocers to boutiques look at our available retail,” said Greenstone, who told the Eagle last month that he and his staff conducted a street survey in Williamsburg — a “needs analysis,” he called it — asking 200 people on the street what they liked about Williamsburg, what they disliked and what they wanted to see more of, among other questions.

“The No. 1 reason people like the neighborhood is it’s the coolest place in Brooklyn,” said Greenstone. “No. 1 on the list of things they wanted to see more of were food and gourmet markets.”

They also wanted more pharmacies and wine stores.

“And that’s what we’re putting in at The Edge,” he said, declining to reveal what food markets he is negotiating with.

Noting that there have been 130 new developments, 105 of them condominiums in Williamsburg just since 2006, Greenstone believes that less than 5 percent of them have retail space.

“Williamsburg — and all of Brooklyn — is significantly under-stored,” he said.

Red, White & Green

Red, White & Green Wines and Spirits has leased approximately 1,800 square feet and plans to open in mid-July, according to Greenstone.

The store’s owner, Jonathan Park, said he came up with the name due to the large selection of red and white wines the store will be carrying.

“But the majority will be organic or sustainable and some biodynamic, which is one step further than the organic wines and allows us to offer customers something more natural,” he said. “The Edge, being a new green development, was very attractive to us and our diverse lines will most likely appeal to wine lovers who are looking for a great taste at a low price.”

Douglaston Development is striving for LEED Silver certification for the project, which is located on Kent Avenue between North Fifth and North Seventh streets on a 7.5-acre site.

In addition to the LEED certification, Greenstone credits a planned water taxi stop, nearby public transportation and onsite parking for attracting CVS and Red, White & Green.

the development offers some of the best available retail space for lease in all of New York City and will highly complement any business looking to service this thriving residential area.”

Residential Occupancy

Occupancy is already underway for its rental component, and the development team is gearing up for summer occupancy for its first two market-rate condominium towers, containing a total of 565 luxury units.

Additionally, The Edge offers below-grade parking for about 600 cars; approximately 1.75 acres of public open space, which will include a public park, piers and water taxi dock; and a large amenity space which includes a pool, fitness center and more.

The design is by architectural firm The Stephen B. Jacobs Group.

“These two tenants had the foresight to see the tremendous potential in this prime waterfront location, and we are confident that they will help spearhead other retailers in realizing the opportunity and increasing value in the Williamsburg retail market.