Princi, the boutique Italian bakery and cafe partially owned by Starbucks Coffee, has signed on for 18,000 square feet of space at 160 Van Brunt Street in Red Hook, Brooklyn, where it will open a commissary kitchen.
Princi’s ground-floor space at the three-story, 98,650-square-foot property, located at the corner of Hamilton Avenue near the Red Hook waterfront, consists of two “hanger-like” expanses featuring large windows and views of the Manhattan skyline, according to The New York Post, which first reported news of the deal.
The bakery’s plans for the location include open kitchens housing a bakery and commissary that may eventually be open to the public, the Post reported, but which will primarily produce artisanal breads and other goods to be carried at Starbucks’ upscale Reserve Roastery cafe, which is slated to open its first New York City outpost at 61 Ninth Avenue in the Meatpacking District.
Asking rent in the Red Hook deal was $44 per square foot, though the length of the lease was not disclosed. David Firestein of SCG Retail, who represented the tenant, declined to comment. Asher Abehsera and Aaron Lemma of PWR and David Brecher of FM Capital, who co-own the property, did not return requests for comment.
Starbucks announced an investment and licensing agreement last July with Milan-based Princi, founded by Italian chef Rocco Princi. The deal will see Princi serve as the “exclusive food purveyor” for the coffee giant’s Reserve Roastery locations in New York and Shanghai, Starbucks said at the time.
Princi has already made waves in New York City, with plans for one of its first U.S. locations at 1633 Broadway in Midtown. Landlord Paramount Group said on its first-quarter earnings call in May that that “high-quality tenant” Princi will occupy a ground-level retail location formerly leased to Cosi at the office building between West 50th and West 51st Streets, as Commercial Observer first reported.
Princi will share 160 Van Brunt Street with Elon Musk-helmed automaker Tesla, which occupies around 46,500 square feet at the Red Hook building housing a showroom, service center and offices.