This week’s roundup of overlooked real estate news in the tri-state area reflects the various fates that malls are facing.
In the Capital Region of New York, Donald Greene of DCG Development sold the Clifton Park Center for $55 million, the Times Union reported. CPC Development I, run by Faraz Khan, bought the mall, which opened in 1976 as Clifton Country Mall and has avoided the fate of so many malls of that era.
The 630,000-square-foot retail property spans 50 acres in Clifton Park. Tenants at the mall — which is 96 percent leased — include JCPenney, Boscov’s, Regal Cinemas and Sky Zone Trampoline Park. JCPenney, in fact, was one of the mall’s original four anchors, along with Caldor, Marshalls and Steinbach.
RedMark Realty brokered the sale.
Meanwhile in Flemington, New Jersey, roughly 20 miles from Princeton, the last surviving store of the Liberty Village shopping center closed, NJ.com reported. (Polo Ralph Lauren, which is in a separate building, remains open.) The outdoor outlet mall was the first major complex of its kind in the country.
Developer George Vallone is razing the retail property and turning it into mixed-income housing. His plans include 164 townhomes, three group homes, a set of apartments, a town hall and a 7,500-square-foot park. There will be 27 affordable housing units.
Elsewhere in the Garden State, Sanz Management landed a $52.5 million loan to complete The Braddock in North Bergen, YIMBY reported. Hall Structured Finance provided the floating-rate loan.
The site, at 8619 Bergenline Avenue, is being transformed into a 135-unit rental property with a 152-space parking garage and 2,400 square feet of retail space. The 11-story building will include a rooftop lounge, business center, cafe and fitness center.
Back in New York, the Westchester County Industrial Development Agency approved financial incentives for two White Plains projects while hearing a cost-benefit analysis for a third.
The IDA preliminarily approved subsidies for the $32 million renovation of Armory Plaza, a residential building at 35 South Broadway. Related Companies is redeveloping the four-story, 52-unit property, which is 100 percent affordable and provides housing for seniors. The complex has a Section 8 contract that provides rental subsidies for residents. (Related founder Stephen Ross got his start in real estate developing affordable housing.)
The IDA also approved nearly $500,000 in sales tax exemptions for Ginsburg Development Companies’ project at 50 Main Street, where the developer has already received $1.6 million in incentives. The transit-oriented project includes office, retail and restaurant space and is part of the larger City Square complex.
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