Robert Khodadadian – Commercial Observer

The first phase of a massive mixed-use development in Edgemere, Queens, will be home to a new Shop Fair Supermarket, the developers announced Wednesday.

Shop Fair signed a 25-year lease for 27,676 square feet at the base of The Arker Companies and Slate Property Group’s under-construction Edgemere Commons project at 51-23 Beach Channel Drive on the Rockaway Peninsula, according to the landlord.A spokesperson for the landlord declined to provide the asking rent.

Shop Fair — which has more than a dozen supermarkets around the city, including three nearby in Far Rockaway — plans to open in spring 2024 after the development is finished.

“From our first meetings with community members, we knew that creating a development that met the needs of Edgemere residents meant delivering a quality grocery store,” Dan Moritz, principal at Arker, said in a statement. “The addition of Shop Fair to Edgemere Commons will help eradicate a food desert and make healthy, nutritious food more accessible for the community.”

Arker and Slate broke ground on the $100 million development at the former Peninsula Hospital Center at the beginning of last year. The 17-story building is slated to have 194 affordable apartments — with 29 set aside for adults with developmental disabilities — and 24,000 square feet of parking, according to the developers.

It’s one of 11 buildings in the 2.5 million-square-foot Edgemere Commons project that will eventually have 2,000 affordable apartments, 38,000 square feet of public open space, 72,000 square feet of retail, a community center and a medical facility.

Tishman Speyer will develop the other 10 properties in the development after acquiring them for $90.4 million from Arker and Slate in 2021, The Real Deal reported.

Greg Parassio of Booth Capital Advisors represented both the tenant and landlords in the deal. Parassio did not immediately respond to a request for comment.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.

The first phase of a massive mixed-use development in Edgemere, Queens, will be home to a new Shop Fair Supermarket, the developers announced Wednesday. Shop Fair signed a 25-year lease for 27,676 square feet at the base of The Arker Companies and Slate Property Group’s under-construction Edgemere Commons project at 51-23 Beach Channel Drive onRead MoreChannel, Leases, Retail, 51-23 Beach Channel Drive, Edgemere Commons, Shop Fair Supermarket, Slate Propery Group, The Arker Companies  Commercial Observer Read More 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,

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