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GARDEN CITY, NY-In a deal expected to close within the next 30 to 45 days, Alfred Weissman Real Estate is acquiring the 106,000-sf Saks Fifth Avenue store at 1300 Franklin Ave. here. Alan Weissman, vice chairman, declines to reveal the sales price citing a confidentiality agreement.
The store was built in the 1960s and has been occupied by the retailer ever since; however, according to Weissman, Saks plans to vacate the store in January. The real estate firm has received a lot of interest in the property from office to retail and "everything in between," he adds.
Franklin Avenue is known as a retail thoroughfare in this Long Island city, just minutes from the Roosevelt Mall. There is a Sears department store located two blocks from the Saks building and a Lord & Taylor department store next store, which does approximately $400 per foot in business, Weissman adds.
"It is a changing retail market. In the past Franklin Avenue was known as the Fifth Avenue of Long Island. Now it is changing from real high-end retail to quality retail," he explains.
This is the second deal completed between the companies in the past few years. Alfred Weissman Real Estate had previously acquired a 500,000-sf distribution center in Yonkers.
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