From funeral home to strip mall

Though the rise of online shopping has prompted eulogies for physical retail, a funeral home in Passaic County could soon be reborn as a strip mall. An affiliate of Wayne-based developer March Associates Construction is in contract to buy Moore’s Home for Funerals, which has operated in the Passaic County town since 1902, NorthJersey.com reported. If the deal is approved, March Associates plans to replace the mortuary with a 10,000-square-foot shopping center with up to

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Cannabis goes legit: Real estate sees green in budding industry

After its retail properties took a hit during the pandemic, Delshah Capital decided to explore a burgeoning new industry. The New York real estate firm listed three of its Downtown storefronts on 420 Property, a site for cannabis space. It has since received “a bunch of inquiries,” mostly from smaller operators, said Chad Roberson, partner at Delshah. But he is hesitant, seeing them as risky tenants facing entrenched obstacles. One is competition from the illicit

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Planet Fitness filling Long Island’s retail vacuum

Long Island residents are up in the gym just working on their fitness. The proliferation of a discount chain is their witness. Planet Fitness is poised to continue its expansion via retail vacancies across Long Island across this year, opening six new locations in 2022, Newsday reported. Several have already debuted, and more will launch in the coming months. The chain has increased its reach in Nassau and Suffolk counties in the past few years,

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Triple Five’s American Dream misses $9M payment

The American Dream mall missed an $8.8 million payment on municipal bonds that was due Monday, according to a regulatory filing reported by Bloomberg. The interest payment was for bonds that were used to finance the East Rutherford development, spearheaded by Don Ghermezian’s Triple Five Group. The missed payment wasn’t an entirely unexpected twist in the American Dream saga. It was reported last month that the star-crossed mall was waiting on approval of a document

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Pinko sues Abercrombie & Fitch over pending loss of Soho store

Pinko has added a new chapter in its fight over a sweet pandemic deal on its Soho space. The Italian fashion brand, which is already engaged in a dispute at 143 Spring Street, filed a lawsuit against Abercrombie & Fitch, the Commercial Observer reported. Pinko is partly placing the blame for the dispute on Abercrombie, claiming in a complaint filed to New York County Supreme Court it strong-armed sublandlord One Kings Lane Holdings into bailing

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Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands

Maine Course Hospitality Group purchased the dual-branded Homewood Suites & Tru by Hilton Albany Crossgates Mall in New York’s capital city from Pyramid Management Group. The sales price was not disclosed. The 192-key hotel includes 96 traditional guest rooms and 96 suites with fully equipped kitchens, designed for guests planning on an extended stay. A JLL Hotels & Hospitality team led by Alan Suzuki and Matthew Enright represented the seller. The hotel is across the

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Tri-state deals: Retail and multifamily sales and a waterfront district

An affiliate of Northeast Capital Group purchased Samsondale Plaza in West Haverstraw for $26.5 million. A joint venture between Mark Holdings and Paragon Realty Group sold the 156,000-square-foot shopping center in Rockland County. The shopping center is 91 percent leased and is anchored by a Stop & Shop. Other tenants include the New York State Department of Motor Vehicles, Dollar Tree, Advance Auto and Sports Clips. A JLL Capital Markets team including Jose Cruz and

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Chick-fil-A hatching in Midwood

Chick-fil-A is reinventing its New York City retail menu, attempting its first ground-up development in the city. The fast food chain signed a 20-year, 6,000-square-foot lease at 1573 Flatbush Avenue in Brooklyn’s Midwood location, the New York Business Journal reported. The site is owned by Marx Realty. The asking rent for the lease wasn’t disclosed, but the outlet noted rents in the area tend to fall between $90 and $125 per square foot. The site

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Aritzia signs 15K sf lease in Flatiron

Canadian women’s fashion brand Aritzia is finding it irresistible to expand in New York City. The company signed a 15,000-square-foot lease to open a two-floor store at 115 Fifth Avenue in the Flatiron DIstrict, the Commercial Observer reported. Terms of the deal at the Winter Organization’s property were not disclosed. The space will combine the footprint of a former Victoria’s Secret and a space leased by Madewell. It’s not clear when Aritzia will be opening

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No soup for you: Hale and Hearty appears to bite the dust

Office workers are trickling back into New York City, but one of the city’s favorite lunch spots doesn’t appear poised to feed them. Hale and Hearty appears to have closed, the New York Post reported. The chain, best known for its soups and sandwiches, had 16 locations across Manhattan, Brooklyn and Long Island. Signs on the windows of some say the closing is temporary, but the company hasn’t said anything publicly about what’s happening. The

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