The landlord, AVR Realty of Yonkers, was represented in-house by Norman Lesman. Gary Mayzlin of Brooklyn-based Kalmon Dolgin Affiliates arranged the long-term lease on behalf of the tenant, Net Cost Market, which currently operates four supermarkets in Brooklyn and another in Philadelphia.
A source close to the deal tells GlobeSt.com that asking rentals at 3155 Amboy Rd. is $25 per sf. The asking yearly value is approximately $300,000 per year and the lease is for 20 years, the source explains.
"Retail availability is limited in the area," Mayzlin tells GlobeSt.com. "This Amboy Road location is part of a larger 80,000-sf shopping center centrally-located in a beautiful, middle-class neighborhood containing many single and two-family homes."
Mayzlin continues that "this lease represents taking advantage of an existing space--in this case a supermarket--which offered the needed infrastructure and in-place equipment for Net Cost." The Net Cost Market chain of supermarkets caters to the needs of local residents of Eastern European heritage.
"Having done other leases for Net Cost Market in Brooklyn, I always keep my eyes open for other attractive locations throughout the city," Mayzlin notes. "When I found out that Foodtown was ready to vacate the premises because it could no longer compete with mega supermarket chains like Pathmark, Shoprite and Stop & Shop, I contacted the landlord and proposed the new tenant. The owners were happy to welcome a strong, established company with a niche business. For Net Cost Market, the location represented an opportunity to take over a space that had a lot of needed infrastructure and equipment already in place."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
