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New York

NYC’s new (and unlikely) developers

From supermarket owners to car wash vendors, more owners opt to team up with developers — rather than cash out

From left: David Schwartz, Ira Gross and Richard Grobman (Photo: Larry Ford)
From left: David Schwartz, Ira Gross and Richard Grobman (Photo: Larry Ford)

From the February issue: For more than 50 years, the Gross and Grobman families witnessed the evolution of Clinton Hill from their Key Foods supermarket at 325 Lafayette Street. Since 1948, the families had climbed their way up in the grocery business, starting as local butchers and grocers in Brooklyn to owning a large, regional chain of markets.

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But last year, in an attempt to capitalize on skyrocketing land values, the families joined forces with Brooklyn developer Slate Property Group. They are now co-developing an eight-story, 114-unit rental building at the site, which will house a supermarket on the ground floor. Both sides declined to disclose specifics, but said the $60 million deal is a win-win. [more]

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Ariel Property AdvisorsDavid SchwartzHFZ Capital GroupSlate Property GroupTrinity Real Estate