Stop & Shop Property Sells For $28.5M In Record-Breaking Deal
The 88,000-square-foot lot that houses Super Stop & Shop (1710 Avenue Y) has sold for $28.5 million, netting the largest price tag for real estate in the history of Sheepshead Bay.
The property was sold by Connecticut-based real estate firm Feldco Development to a Florida-based LLC named Sands Brook, according to a report in The Real Deal.
The property includes the 54,000-square-foot, one story building with an outdoor parking lot.
Those worrying this might mean the end of another local supermarket following the demise of Pathmark on Nostrand Avenue need not worry, as Stop & Shop renewed their lease in 2005, securing its presence until 2030. The supermarket also holds ten 5-year renewal options, extending its presence through 2080. Stop & Shop opened in 1992.
The sale shatters all previous real estate records for the area, including the 23-year reigning record-holder: the Atlantic Towers Apartment Corp. on Avenue Z and East 13th Street, which sold in 1988 for $25 million. It also trumped the latest large-ticket sales in Sheepshead Bay: the 2008 deals for Loehmann’s Seaport Plaza ($24 million) and the proposed Station Plaza site on Sheepshead Bay Road ($20 million).
On a side note, the future Marshalls location across the street was touted as part of the marketing materials for the property, showing the growth of commercial developments in the area. Station Plaza – which appears to have halted development before it even began – was not mentioned.
Clarification: When the supermarket opened in 1992, it was not yet named Stop & Shop. I believe it opened as Finest, which then became Edwards, and finally Stop & Shop. However, for all intents and purposes of identifying the tenant, all three are the same and the name changes were merely casualties of chains swallowing up chains – not different entities.
