Owner looks to flip Staten Island retail center for almost $60M

Sale would be one of the biggest ever for the borough

TRD New York /
Apr.April 02, 2019 12:00 PM
South Shore Commons at 2955 Veterans Road West in Staten Island (Credit: Google Maps)

South Shore Commons at 2955 Veterans Road West in Staten Island (Credit: Google Maps)

The $41 million sale of Staten Island’s South Shore Commons was one of the largest deals in the borough’s history. And less than a year later, the owner wants to flip the property for nearly $20 million more.

The father-and-son team of Murray and Dave Berman purchased South Shore Commons in May from Guido Passarelli & Son, and they are now listing the site for $59.75 million, according to Staten Island brokerage Casandra Properties. The open-air retail center contains 35 stores in six buildings spread across almost 8 acres of space.

Retailers at the center, which is based at 2955 Veterans Road West by the Outerbridge Crossing that links Staten Island to New Jersey, include Panera Bread, Mattress Firm and GameStop.

A Casandra Properties team led by James Prendamano brokered the Bermans’ purchase of the complex, and they are handling the current listing for the family as well.

The Bermans have made more than $1.5 million worth of improvements to the complex since buying it, including developing previously unfinished space and installing solar panels, new lights, and security systems, according to Casandra Properties.

“We did the work we said we were going to do,” Prendamano said, “and now he [the owner] wants to go on to the next one.”


Related Articles

arrow_forward_ios
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Barry Sternlicht and (from top) Capital Mall in Washington, Franklin Park Mall in Ohio and Plaza West Covina Mall in California (Credit: Capital via Starwood, Franklin via OCP Contractors)

Competing bids for Starwood’s suffering retail

Competing bids for Starwood’s suffering retail
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Pier 1 CEO Robert Riesbeck (Credit: Joe Raedle/Getty Images)

Cast away: Pier 1 to liquidate assets, shutter business

Cast away: Pier 1 to liquidate assets, shutter business
Even as the economy begins to reopen, many restaurant and cafe tenants like Chipotle and Starbucks are requesting rent reductions amid projected declines in revenue. (Photos by Roy Rochlin/Getty Images and Alex Tai/SOPA Images/LightRocket via Getty Images)

Major restaurants and cafes seek rent cuts, irking landlords

Major restaurants and cafes seek rent cuts, irking landlords
arrow_forward_ios

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

Loading...