The Real Deal New York

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

South Shore Commons spans about 140K sf
By Eddie Small | May 30, 2018 05:59PM

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.