Peter Schubert is managing director of the Brooklyn-based brokerage’s retail leasing division. His past clients have ranged from grocery stores to spas to restaurants throughout Brooklyn.
Schubert, prior to joining TerraCRG, managed the Moinian Group’s commercial portfolio spanning 13 million square feet of office and retail properties primarily located on Fifth and Madison Avenue. During this time, he represented Moinian in issuing a lease to the NBA for its 28,000-square-foot retail flagship at 545 Fifth Ave. in Manhattan.
While Brooklyn has remained strong, Schubert told me, much has changed in Brooklyn’s retail landscape.
“The biggest changes would be the demand for outdoor space and the need for more cash upfront in the form of a security deposit for landlords,” Schubert said.
Schubert and I spoke about some of the changes occurring in the Brooklyn retail landscape. This interview has been condensed and edited
Who are your clients? Landlords, tenants, or both?
I’m focused on the leasing side with my clients being evenly split between landlords and tenants. I represent them in transactions, help them acquire tenants or locations, and a wide array of other services that TerraCRG provides to our clients.
What are your clients searching for new space looking for?
Hands down, it’s the demand for outdoor space and fresh air. Everybody wants fresh air and when you’re looking for restaurant space, they’re asking about the enclosure of the space. It’s things like does it have a rear yard? Does it have sidewalk seating? Some clients are asking: What’s in front of my space? Does it have things that will stop me from having outdoor seating like a fire hydrant or a bus stop? It’s a much more three dimensional kind of a situation compared to before when it was just the physical space. Now, people want to know what’s around them and consume the outdoors.