Punia & Marx Real Estate has sold the Whitestone Shopping Center in Queens for $56 million. The BTF Capital Fund, led by Kenneth Schuckman and Aaron Malinsky, acquired the Key Food-anchored property at 153-15 Cross Island Parkway, according to property records filed on Friday.
This acquisition could be seen as a strategic move for assets tied to grocery stores and other essential retail spaces. Such properties are often considered more resilient to economic fluctuations and changes in consumer behaviour, as they provide fundamental services and goods that are in continuous demand.
Financing and Future Management
Schuckman's brokerage firm, Schuckman Realty, will handle the leasing for the shopping centre. Acadia Realty Trust provided approximately $48.5 million in financing for the acquisition via a shell company. John Gottfried, Chief Financial Officer of Acadia, signed the mortgage documents. Punia & Marx and Acadia did not immediately respond to requests for comment.
Punia & Marx had owned the property since at least 1975; the original purchase price is unknown. Kenneth Schuckman was apparently already involved in the operation of the 220,000-square-foot shopping centre, which also houses a Chase Bank branch. A 2020 prospectus listed Kenneth Schuckman and Jessica Vilmenay as the exclusive brokers.
Potential and Market Data
The aforementioned advertisement at the time announced a redevelopment of the property, though the exact nature of the repositioning was not specified. Schuckman promoted the centre by stating that 100,000 vehicles pass the Cross Island Parkway daily and 333,000 people live within a three-mile radius. These figures highlight the significant customer potential and excellent accessibility of the location, which is crucial for retail properties.
- —Transaction Volume: $56 million
- —Anchor Tenant: Key Food
- —Total Area: 220,000 square feet
- —Location: 153-15 Cross Island Parkway, Whitestone, Queens
