News
S&Z ON BOROUGHS & ‘BURBS
August 12, 2009
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| Continuing our out-of-Manhattan venture, we met with Sholom & Zuckerbrot Realty president Frank Zuckerbrot (here with father and founder Sandy) in his Long Island City office. The outer-borough expert tells us the submarkets have only seen a price adjustment of 10-15%, with Queens and Brooklyn stronger than the Bronx, but much better than New Jersey and Long Island. |
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| Long-term retail clients are carefully deal making, and their efforts are yielding solid locations with attractive deal terms: S&Z recently completed its third lease on behalf of Five Guys Burgers at a 1.5k-SF unit at Douglaston Shopping Center in Queens and a new 6.3k-SF deal for The Men’s Wearhouse in Massapequa. Others expanding include Party City and Syms. Much industrial in the outer boroughs has been taken out of the mix due to residential redevelopment of the properties, he says, and we’re not seeing a lot of turnover with current product. Although deals are down, financing is available, he adds. |
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| While the market is cooler, S&Z is taking the opportunity to go back to basics, working closely with clients and consulting on how to keep properties leased and managed. Two-thirds of the 48-year-old firm’s brokers have been with the firm for 20 years or longer (Sandy is still on board as chairman), which makes a “well-oiled, groomed” team for a downturn, he says. Of course, Frank leaves time for fun, (whether Glen Head Country Club or S&Z's office), and it’s brought his 14 handicap down to an 11. |
