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.”