Food Bazaar Owner Buys Its Long Island City Store: The N.Y. Deal Sheet
Bogopa Enterprises, the family-owned operator of grocery chain Food Bazaar, has acquired a Queens development site where it operates a store.
The retailer acquired 42-02 Northern Blvd., a 75K SF parcel in Long Island City, for $101.1M from Gould Investors, PincusCo reported.
Bogopa paid 44% less than Gould spent on the property in 2007, when it paid $176.9M for the site. Food Bazaar opened its store in 2013, but its surface parking lot made it ripe for redevelopment.
Bogopa has previously developed projects on sites where it has stores in partnership with Shorewood Real Estate Group, including in Bedford-Stuyvesant, according to PincusCo. No construction permits have been filed.
TOP SALES
Excelsior Care Group acquired 33-23 Union St., a 146K SF nursing home in Flushing, for $75M from Marx Development, Commercial Observer reported. Marx refinanced the property, home to Union Plaza Care Center, in 2022 with a $32M loan from Bankwell, Traded reported at the time.
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Chetrit Group and Peter Kulka sold a three-parcel Jamaica development site at 147-27 Archer Ave. to Peter Abowitz for $17M, PincusCo reported. Chetrit and Kulka filed plans for a 359-unit residential project in early 2022, but permits have not yet been issued. The duo acquired the single-story property for $25M in 2022, Traded previously reported.
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City Urban Realty acquired a vacant SoHo lot at 144 Spring St. from Travelzoo founder Ralph Bartel for $14M in an off-market deal, The Real Deal reported. The property, which is across the street from Chanel and close to Gucci’s SoHo location, last sold for $24.7M in 2012. The site is permitted for up to a four-story building.
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Homeless services nonprofit Bowery Residents Committee acquired a six-story project under development as a homeless shelter for $22.2M, Commercial Observer reported. Seller Urban Builders Collaborative, another nonprofit developer, had filed plans in December 2024 to build a 146-unit shelter on the Long Island City site. The project was still under construction as of August.
TOP LEASES
SHoP Architects expanded its headquarters to 56K SF in the Woolworth Building at 233 Broadway, owned by Cammeby’s International. The architecture firm behind the Barclays Center, Brooklyn Tower at 111 W. 57th St. tacked on 5K SF to its footprint in the 792K SF building, in addition to renewing its existing space on the 10th and 11th floors. The Lawrence Group's Brian Siegel represented both the landlord and tenant in the deal.
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TD Securities expanded by 51K SF at SL Green’s 125 Park Ave., increasing its existing 130K SF footprint in the building to 181K SF. CBRE’s Ryan Alexander, Matthew Saker and Nicole Marshal represented the tenant, which is TD Bank’s investment and banking arm. Newmark’s Brian Waterman, David Falk, Peter Shimkin and Daniel Levine represented the landlord.
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WeWork signed a lease for 37K SF at Aurora Capital Associates and Jeff Sutton’s Wharton Properties' 511 Fifth Ave. The 18-story Beaux Arts building reopened in 2023 after its owners upgraded and repositioned it in the wake of Israel Discount Bank's exit, the New York Post previously reported. JLL’s Peter Riguardi represented WeWork, while colleague Mitch Konsker represented Wharton and Aurora.
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Artificial intelligence-powered advertising platform MiQ Digital USA is expanding to 42K SF at The Feil Organization’s 261 Fifth Ave. MiQ has been a tenant in the 450K SF NoMad office tower since 2018 but is relocating internally. Andrew Wiener, Kyle Young and Tim Parlante represented Feil in-house. Colliers’ Josh Kurstin and Transwestern’s Chase Gordon and Tyler Marshall represented MiQ.
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The Consulate General of the Republic of Korea signed for 43K SF at Circle Realty Group’s 445 Park Ave., Traded first reported. The tenant is relocating from 460 Park Ave., where asking rents are $98 per SF, Commercial Observer reported.
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Uber Technologies added another 86K SF onto its NYC office at 3 World Trade Center, Silverstein Properties’ 80-story tower at 175 Greenwich St., Commercial Observer reported. The deal brings Uber’s total footprint at the building to 438K SF, making it one of the largest tenants at the WTC complex.
TOP FINANCING DEALS
A partnership between Alchemy Properties and ABR Partners landed a $127.2M construction loan from Helaba for an 86-unit Lenox Hill project at 1484 First Ave., PincusCo reported. The joint venture acquired the property in August 2024 for $20.8M.
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Wharton Properties refinanced 1551 Broadway with a three-year, floating-rate $176M loan from Acore Capital, The Real Deal reported. The loan replaces a $180M CMBS loan originated in 2011 and backed by the property, which is home to American Eagle’s 26K SF flagship. The CMBS debt matured in 2021 and Sutton defaulted four months later, leading to Deutsche Bank filing to foreclose on behalf of the CMBS bondholders the following year before the landlord obtained an extension.
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Tavros Capital, Charney Cos. and Canyon Partners Real Estate refinanced a 214-unit rental in Gowanus at 577 Union St. with a $125.5M, seven-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital, a Freddie Mac Optigo Lender, will service the loan, according to a release. The debt replaces a $107M loan from OdysseyRe, PincusCo reported.
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Clipper Equity refinanced a 354-unit multifamily property at 2366 Bedford Ave. with a $140M loan from Berkshire Residential Investments, PincusCo reported. The loan replaced debt of the same amount from Slate Property Group.
