Three major brokerage firms tried and failed to transform the retail at 85 N 3rd Street in Williamsburg, Brooklyn. Capricorn finally got a chance. Almost immediately thereafter, NYC was hit by the COVID-19 pandemic.

Even in the midst of one of the worst business shutdowns in NYC history, Capricorn managed to turn underperforming retail space into a curated destination for some of the world's most recognized brands.

Williamsburg is now one of New York City's most sought-after retail destinations, fueled by more than a decade of residential and commercial growth. The North 6th Street corridor has become the neighborhood's center for apparel brands. Nearby Bedford Avenue has had similar success with food and beverage. Until Capricorn got involved, the North 3rd Street corridor lagged far behind both.

The Mill Building, at 85 N 3rd Street, was a huge warehouse on a prominent corner, in need of a major transformation. With nearly 14,000 square feet of retail spanning almost an entire city block, Capricorn embraced an opportunity to completely remerchandise it. The strategy was simple: curate a compelling mix of established and emerging brands while positioning the property as a more accessible alternative to North 6th Street and Bedford Avenue.

Capricorn successfully negotiated deals with Todd Snyder, RRL, Aesop, Herman Miller, Anine Bing, Slowear, Naturepedic, Madison Reed, Paul Smith, and 7,000 SF of basement space for Sola Salons.

The transformation also drove significant gains in value for ownership. Rents were initially below $100 per square foot. Through Capricorn’s remerchandising efforts, rates ultimately rose to more than $170 per square foot.

What began as an underperforming former warehouse became an impressive collection of leading retail brands. Capricorn's work at 85 N 3rd Street helped transform the property, elevate its tenant mix, and further establish the surrounding stretch of Williamsburg as one of New York City's premier retail destinations.