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Schuckman Realty buys Key Food-anchored Queens shopping center for $56M

The deal uses about $48.5 million in financing from Acadia Realty Trust through a shell corporation, according to the mortgage documents filed with the transaction.

Reported · Written up by our desk · Commercial

Schuckman Realty has purchased the Whitestone Shopping Center in northeast Queens for $56 million, according to deed transfer records filed Friday, as reported by Commercial Observer.

The property at 153-15 Cross Island Parkway is anchored by Key Food and totals about 220,000 square feet, with a Chase Bank branch also on site.

Acadia Realty Trust provided roughly $48.5 million in financing to Schuckman for the acquisition through a shell corporation, and Acadia Chief Financial Officer John Gottfried signed the mortgage documents.

Punia & Marx Real Estate previously owned the center since at least 1975, while the potential for redevelopment and repositioning had been promoted in earlier marketing materials, without specifying details.

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