• Stop & Shop Property Sells For $28.5M In Record-Breaking Deal


    by on Dec 16th, 2011

    Source: Feldco Development

    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.

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    • Anonymous

      They would not have bought the property for so much,just to rent it out. They must have another plan for it,in the works.

      • Local Broker

        LOL

      • LeaterK

        Depends on how much rent the supermarket is paying.

        • Local Broker

          Wow maybe the smartest comment you have ever made on this site.

          • LeaterK

            no one is smarter than you. Mirror mirror on the wall who’s the smartest of them all.

          • Anonymous

            I second this notion, And ON TOPIC TOO!

    • Aj

      i offeder 1500$ usd for the same property and was shot down, so sad had big plans

    • Guest

      Stop and Shop opened in 1992?! Woah… I swear I wasn’t 1 when Edwards turned into Stop and Shop.

      • http://www.nedberke.com Ned Berke

        I should clarify. The supermarket opened in 1992. I believe it opened as Finest, which then became Edwards, and finally Stop & Shop. However, for all intents and purposes, all three are the same and the name changes were merely casualties of chains swallowing up chains.

        • Allanb

          I remember it going from Edwards to Stop & Shop, I think I still have my Edwards card somewhere as well. It was an improvement. Wonder what will happen to the place now?

          • http://twitter.com/Lostinservice Lostinservice

            My parents still call it Edwards. Old habits die hard plus it’s quicker to say.

            • http://www.flickr.com/photos/lisanne001 Lisanne!

              I still call it Permatex.

              .

            • nolastname

              Biohazard contamination from the drums?

            • http://www.flickr.com/photos/lisanne001 Lisanne!

              Lots of it. They were leaking into the ground for years.

          • nolastname

            I still have the Finast keychain with the quarter they gave you for the wagons.

        • BrooklynBus

          It was spelled Finast.

    • Old Sheepshead Hand

      It took 23 years to break the record by a mere $800,000? $25 mil was worth a lot more in ’88 than it does now. What does this say about property value in Sheepshead Bay? 

      Since it was bought for such a bargain, maybe Stop n Shop will finally lower their prices on deli meats. On SPECIAL for $9.99? It’s $7.99 REGULAR PRICE in the place adjacent and just as fresh. Sheesh.

    • Guest2

      You may hope that Stop and Shop remains intact but I expect that the future plans might include adding additional floors for new business establishments.  Vertical growth is the future.

      • Tinman

        Don’t need vertical growth in that area. Once Marshall’s opens it wil be very congested. More biz will only make it worse.

      • Local Broker

        The current zoning doesnt allow any vertical growth. This property is pretty much maxed out the way it is. 

    • Tinman

      Glad to hear Stop & Shop will be ensconced here for a couple of generations. It has a few problems, such as empty shelves for some sale items every week, and self-serve kiosks that are not open or faulty at times. But, even when Pathmark was here, S&S was the best supermarket in the nabe. The Ocean Avenue Waldbaum’s should be upgraded to a Fresh Waldbaum’s with self-serve checkout, but I was told a few years ago  by a company spokesman that it’s not likely to happen “anytime soon.” 
      Three cheers for local commercial real estate!!!

      • Guest

        Yes, out of all the local big supermarkets. S&S is a little more expensive, but it is the freshest.

    • Anonymous

      I wonder if anything will be developed on the big lot on Ave. Z & E 16th Street.
      They seem to be clearing out all the garbage a little at a time.
      They have also removed the roof on the building that sits on the property.

    • Anonymous

      2080!!!!

      I Hope by then they finally give us Flying fucking cars!!! like they promised us!!!!

    • Ase

      there are cars parked on the roof?

      • Guest

        Only certain people are privileged enough to earn the password to park there. Tell them Ken sent you.

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    • http://www.margproperties.com/ Flats in Chennai

      That was really a record breaking deal!!