Developers pay $41M for retail center in one of Staten Island’s biggest-ever deals

South Shore Commons spans about 140K sf

New York /
May.May 30, 2018 05:59 PM

South Shore Commons (Credit: Casandra Properties)

A father-and-son team has purchased a retail center on Staten Island for $41 million, one of the the largest investment-sales deals in the borough’s history, The Real Deal has learned.

Developers Murray and his son Dave Berman closed Wednesday on the purchase of South Shore Commons, an open-air retail center that spans approximately 140,000 square feet across six buildings. The complex contains 34 stores, with national retailers including GameStop, Panera Bread, Verizon and Famous Footwear. The seller is Guido Passarelli & Son, property records show. 

The center is located at 2955 Veterans Road West by the foot of the Outerbridge Crossing connecting Staten Island to New Jersey. A Casandra Properties team led by James Prendamano brokered the deal. The listing agents were Brian McGowan, Celia Iervasi and Rob Nixon.

Casandra Properties is handling multiple other high-profile projects in the borough as well, such as the Urby rental complex and Empire Outlets.

Prendamano said in a statement that his company “will remain on board working with the Berman family to optimize the center’s performance and tenant mix in the years to come.”

Elsewhere in the borough, developer Steven Wu paid $21.5 million for a 268,000-square-foot office building One Edgewater Plaza in 2015, and Bridgewater Capital Partners paid $30 million later that year for the 38.8-acre site at 1 Nassau Place.


Related Articles

arrow_forward_ios
15 West 47th Street, 48 West 48th Street and 151 West 46th Street (Google Maps, Getty)
Here’s what tenants are paying at ELO’s Diamond District properties
Here’s what tenants are paying at ELO’s Diamond District properties
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...