Middle Island, NY Island Associates negotiated a long-term lease extension with Lemon Tree Salon for 1,200 s/f at Strathmore Commons. Lemon Tree has been a tenant for over a decade.
In a seperate transaction, Island Associates negotiated a long-term lease extension for Xclusive Spot Clothing in Central Islip. Xclusive Spot has been a tenant at the center for over a decade, and Island was able to negotiate an extension keeping Xclusive Spot in its existing space.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,