Updates in Port Jefferson Village Retail:
Welcome to The Village, The Village Boutique. The women’s fashion store, owned by Abby Buller, announced their plans to open at 216 Main Street, which previously housed Gingerbread Construction Company.
A new mixed-use development has been planned at 440 Main Street, the current location of Cappy’s Carpets. Presently, the development proposal entails 46 one-bedroom and two-bedroom luxury apartment units, with a majority of the units being one-bedroom. Plans for the ground floor include 2,700 square feet (SF) of retail, with up to 1,500 SF of that amount usable for a takeout restaurant. It is always exciting to hear about new construction that will bring more thriving tenants to The Village.
Port Jeff Commercial Real Estate Leasing:
In Q2 2019 there were two new leasable retail spaces brought to market in The Village: 250 Main Street- 1,100 SF asking $31 per square foot (PSF), and 138 E. Main Street- 1,800 SF asking $19.33 PSF.
Furthermore, there were three new lease signings in The Village: 1,043 SF leased for $31.06 PSF at 106 W. Broadway in mid-April, 614 SF leased for $37.13 at 25 Chandler Square in early May, and 1,700 SF leased for $30.35 PSF at 210 Main Street in late April.
Lastly, there were two sales in The Village: 138 E. Main Street, a mixed-use building, sold for $850,000 at a 6% cap rate at the end of June. 230 E. Main Street, a mixed-use building, sold for an undisclosed amount at the start of June.
Port Jeff Commercial Real Estate Outlook for Q3 2019:
On a national level, at the start of July, Real Capital Analytics (RCA) released a report noting that in-spite of the many department-store-closings announced in the news, recently-vacated department-store spaces are being re-tenanted by other retail concepts such as: coworking spaces, fitness studios, and food halls. A chart tracking the commercial property price indices (CPPI), which measures price-changes in various regions of the United States, indicated that retail in the Northeast has seen a slump since the start of 2018. However, pricing remains significantly higher in the Northeast than in other regions such as the Mid-Atlantic, Southeast, Southwest, and Midwest regions.
Shifting focus to the local level, we anticipate that retail in The Village will continue to remain strong through the remainder of the summer season due to the fact that The Village is considered by many to be one of the must-visit locations of the summer. I look forward to seeing what new retail tenants join us in The Village in Q3.
Please contact me with any questions about the above report or the real estate market in general.
Naji Nizam is the “Port Jefferson Retail Expert.” He handles leasing and sales of retail, medical, and professional office space in Port Jefferson Village and throughout Suffolk County. He relies on his depth of market knowledge, responsiveness to inquiries, and professionalism to give his clients an edge in this competitive market. Naji is active in community affairs and is in constant contact with local business owners and landlords.