Lidl adding another store to its growing NYC footprint
Lidl’s list of upcoming New York City locations is getting longer.
The discount grocer plans to open a new supermarket in Brooklyn’s Crown Heights neighborhood. Commercial real estate mortgage broker Eastern Union has secured a $62.25 million construction loan for a 105,000-sq.-ft. mixed-used property at 1730 Bedford Avenue that will be home to a 33,000-sq.ft. Lidl store.
Lidl operates more than 170 stores on the East Coast, with 27 in New York State. In New York City, the company currently operates stores in Staten Island, Harlem, and Astoria, with plans to open a 23,000-sq.-ft. store on the ground floor of a mixed-income apartment building in Manhattan’s Chelsea neighborhood.
“We are thrilled to be bringing Lidl's high-quality groceries, low prices and convenient shopping experience to the Crown Heights community," said Or Raitses, senior director of real estate for Lidl's Northern Region. "We look forward to continuing our expansion in New York City and opening even more stores in the future, bringing our unique value proposition to additional areas of the city where New Yorkers for far too long have had to put up with high grocery prices."
In addition to Lidl, the multi-use complex will also include 12,000 sq. ft. of additional retail space, 57 residential units, 12,000 sq. ft. of Class-A office space and a 9,000-sq.-ft. community facility. The project's developer is Seventh Street Development Group of Brooklyn.
“It is a privilege to be bringing this project to Brooklyn's Crown Heights community," said Jack Gold, co-founder and COO of Seventh Street Development Group. "Working with Eastern Union has allowed us to focus on our active construction project while simultaneously sourcing and building this loan. We're confident that Lidl will be a welcome addition to the neighborhood and we're now engaged in preliminary discussions with other national retailers about leasing opportunities at this property."
The floating-rate loan, which runs over a two-year term, was provided by New York-based Invictus Real Estate Partners, together with New York-based Maxim Capital Group and Beach Point Capital Management of Santa Monica, Calif.