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Q: commercial real estate on staten island ( Answered 5 out of 5 stars,   0 Comments )
Question  
Subject: commercial real estate on staten island
Category: Business and Money
Asked by: papmot-ga
List Price: $200.00
Posted: 04 Oct 2004 19:41 PDT
Expires: 03 Nov 2004 18:41 PST
Question ID: 410396
Can anyone give me an estimate for what yearly rate per square foot I
should expect to pay for space in Hylan Plaza?  It would be great if
you could give me info on comparable properties that have had new
leases signed or buildings sold in the area.

Request for Question Clarification by jbf777-ga on 07 Oct 2004 20:05 PDT
Hello -

Could you clarify the second part of your question?  Hyland Plaza has
spaces that are under 5000 square feet, and others that are in the
higher thousands of square feet.  When you say comparable properties,
are you looking for a retail front of a certain square footage in the
New Dorp area?  I don't know if data are available for actual
properties that have been sold or leased (although I will look)...
what about existing leasing possibilities for properties in the area? 
Would you be interested in those?

jbf777

Clarification of Question by papmot-ga on 08 Oct 2004 05:36 PDT
The short answer to your clarification is yes.  I agree the data
probably isn't available for what has already happened.  I'm wondering
what it will be going forward.  For instance, space has come up for
lease each year - how much will that go for?  How much would space
like that go for in nearby shopping areas (are there nearby shopping
areas?)?  What would be best would be to know general leasing rates
for that area for stores of different sizes, and then some estimate of
whether Hylan Plaza is more attractive, significantly more attractive,
etc relative to those locations.  I want a best estimate for the space
based on local research - the more data points the better.  Thanks for
taking a look!  Best,  Papmot.

Request for Question Clarification by pafalafa-ga on 09 Oct 2004 17:35 PDT
Hello papmot-ga,

The Hylan Center is about 360,000 sq ft.  The average base rental at
Hylan Center is a bit more than $12/sq ft, but varies markedly from
store to store.


The big players in the Center are:


Toys-R-Us -- 42,000 sq ft

K-Mart -- 104,000 sq ft

Pathmark -- 60,000 sq ft


I can give you the base rentals payed by these three, along with a
little detail about their lease arrangements and renewal options.

It's not likely, though, that I could find comparables at other malls in the area.

Would the information I've suggested be adequate as an answer to your question?

Let me know.


pafalafa-ga

Clarification of Question by papmot-ga on 10 Oct 2004 16:55 PDT
No, that information doesn't help.  I'm trying to get information
about the future rents - I have the past rent info as well.

Thanks,  papmot.
Answer  
Subject: Re: commercial real estate on staten island
Answered By: jbf777-ga on 12 Oct 2004 10:13 PDT
Rated:5 out of 5 stars
 
Hello -

Thank you for your question.  If you need any further information or
clarification, please don't hesitate to ask.

I spoke to the actual owners of the Hylan Plaza, Atlantic Hyland Corp,
who said there's no space available at the moment.  However, there
will be a 1900 sq. feet area available in the next 60-90 days.  Most
spaces that become availabie under 5000 sq. ft. are in the low $40/sq.
ft. price range.

Much of the space in Hyland Plaza is occupied by very large, long-term
clients.  The person to speak to at Atlantic Hyland is Stanley
Rappaport, reachable at (212) 355-1255.  Full contact details are:

  Atlantic Hyland Corp
  (subsidiary of Atlantic Realty Trust) 
  747 Third Ave.
  New York, NY 10017
  (212) 355-1255 (Stanley Rappaport)

--


According to Marie Tricarico at RayRap Realty, a seasoned expert in
commercial strip malls, plazas, regular malls and the like, there are
three key streets to look at for alternatives.  With all properties,
in addition to lease costs are the Cost and Area Maintenance (CAM
charge) which may add an additional $7-$10 per square foot.  There are
a number of factors that can determine a lease price.  A person with
AAA credit rating, for example, may be able to negotiate a cheaper
deal.

The following is a selection of properties on these streets:

o Richmond Ave.
  Pergament Plaza is most closely on the "tier" of Hylan Plaza, and is 
  owned by a company named Pergament Properties.  They only have second floor
  office space available at the moment. Here is a pdf on the property from their 
  website: 
     http://www.pergamentproperties.com/pdf/statenislnd.pdf
  If space becomes available, it will cost slightly more than it 
  would at Hylan Plaza.  
  
  Another plaza to look at is Richmond S.C. by Kimco Realty, a massive
  corporation with multiple such spots around the country.  This property can 
  be seen here; click on the map for a PDF:
http://www.kimcorealty.com/propsearch/siteplan.asp?PropertyID=0601&state=NY&Choice=Map&scheck=leasing&sk=leasing
  Again, no space available here.
  
  A third plaza to look at is Greenridge Plaza, on Arthur Kill Rd. and 
  Richmond Ave.
http://www.kimcorealty.com/propsearch/siteplan.asp?PropertyID=0674&state=NY&Choice=Map&scheck=leasing&sk=leasing
  According to the website, there does actually appear to be space available at 
  this particular plaza.  For this and other Kimco properties on this order,
  Contact: Joshua Weinkranz
           3333 New Hyde Park Rd.
           Suite 100
           New Hyde Park, NY 11042
           516-869-7146
           jweinkranz@kimcorealty.com
  According to a rep at Kimco, the pricing seems to be not unlike Hylan Plaza.
  
                     
o Forest Ave.
  This avenue hosts a plaza on the corner of Barrett Ave., owned by Kimco 
  Realty.  This property can be seen here; click on the map for a PDF:
http://www.kimcorealty.com/propsearch/siteplan.asp?PropertyID=0031&state=NY&Choice=Map&scheck=leasing&sk=leasing
  Property will be somewhere in the ballpark of $10 less per sq. ft. than 
  Hylan Plaza.  There is nothing available at this center at the present time.
  

  
o Victory Blvd.
  There are quite a few smaller plazas here.  In general, more expensive than 
  Forest Ave.  
  
Due to the highly specialized nature of realty, I would advise contacting
Marie for more information on these and other options, and to discuss
your specific needs: 646-226-0818 or 718-370-7031.  RayRap website:
www.rayraprealty.com.


======


I've had more than one realtor say the going rate is about
$40-$45/sq.ft for properties comparable to Hyland Plaza in the area. 
I've also had more than one say that Hylan Plaza is a major hot-spot
when it comes to shopping in the area.

Hyland Blvd., the street that Hylan Center is on might have property
available as well.   Robert Defalco Realty has some property available
starting at $23,000/mo + $40K+ year taxes for 6300 sq. feet.  This
works out to just under $40/sq. ft. without taxes, which is in the
general ballpark of property in the plaza itself.   They have another
at 10,000 sq. feet, for around 2 mil USD.
Again, a number of factors may afford you significantly cheaper rates
in negotiation.


Sources/Additional contacts:

Marie Tricarico
646-226-0818 
718-370-7031

Nicki, Ditommaso Realty
718-667-6690

Kimco
516-869-9000

Rischay Franco
Century Realty Safari Realty
347-228-6811

Gateway Arms Realty
Bob Fitzsimmons
718-273-3800

Robert Defalco Realty
1678 Hylan Blvd.
Staten Island, NY 10305
(718) 987-7900
(718) 980-9842 fax
info@defalcorealty.com
Contact: Susan

Manager
Weichert REALTORS , Vitale Sunshine
1671 Hylan Blvd
Staten Island, NY 10305
100, 107, 123
718-979-3333x228/ Fax: 718-667-7964
cbcsold@prodigy.net

CENTURY 21 - Calabrese Realty
2205 Hylan Boulevard
Staten Island, NY 10306
718-979-3000
800-451-9191
718-987-8026 fax
Tom Iello

Igor Sokolinsky
Mark International Real Estate
2381 Hylan Blvd.
Staten Island NY
United States 10306
Phone (718) 987-4500 (Margarite)



Search strategy:
  calling realtors

Clarification of Answer by jbf777-ga on 12 Oct 2004 18:43 PDT
Thank you very much!  I very much appreciate the tip and rating.  Will
be on the lookout for any new questions.

jbf777
papmot-ga rated this answer:5 out of 5 stars and gave an additional tip of: $100.00
Very good work.  Thanks for spending the time to answer so
comprehensively.  Please look for questions from me in the future.

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