NEW YORK CITY-In a eight-day turnaround, a vacant space at the 95,000-square-foot Expressway Plaza shopping center on Staten Island secured a new anchor tenant. National supermarket chain Stop & Shop has taken a long-term 60,000-square-foot lease at 1441 Richmond Ave. in the Graniteville section of the borough.
“It was done very quickly,” says Gregory Kalikow, vice president at the Kalikow Group, in an interview with GlobeSt.com. “Expressway Plaza has always been a prime supermarket location,” he adds, noting that anchor space was formerly home to a Waldbaum’s and most recently, a King Kullen. “It caters to that stable, middle-class community with diverse ethnicities,” he says.
The lease now brings the shopping center—which is adjacent to the Staten Island Expressway—to 100% occupancy. Other major tenants include Applebee’s, Sleepy’s and Richmond County Savings Bank.
The property was completed in 1998 by a joint venture of Kalikow and New Canaan, CT-based Feldco Development Corp. Feldco manages the property and Howard Seidenfeld of Global Realty Services, LLC is exclusive leasing agent for the shopping center.
As a whole, the grocery chain is establishing a presence throughout the borough. After A&P filed for bankruptcy, Stop & Shop assumed the leases of two other King Kullen supermarkets on Staten Island, including 43-43 Amboy Rd. and 32-51 Richmond Ave. in Eltingville.
Kalikow says a big factor in the deal was brand visibility. “There’s 100,000-plus daily cars passing through I-278 and Richmond Avenue section,” he says. “I personally think the Stop & Shop is going to offer convenience. It’s a great product and a good location due to that proximity to 1-278 and right off the highway. When people are looking for supermarkets, they are looking for convenience.”
Going forward, the Long Island-based owner and developer is focusing on acquiring residential assets and multifamily properties. The firm recently acquired 113-117 Elizabeth St., a 30-unit, three-building portfolio in Little Italy with joint venture partner Waterbridge Capital. The deal was the family’s first Manhattan apartment acquisition in 20 years.
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