
Kings Park, NY Island Associates (IA) Real Estate negotiated a new development of a ground-up free-standing 2,227 s/f Starbucks with a drive-thru with a long-term lease term plus options at 295 Indian Head Rd..
The aggregate rent is $3.57 million. Island was instrumental in negotiating the lease terms as well as assisting the developer in obtaining approvals and having the facility constructed to the specifications of Starbucks.
The Starbucks has 39 interior seats as well as a patio with 12 additional seats. Starbucks joins The Learning Experience at the newly developed site on the corner of Old Northport Rd. and Indian Head Rd. and is located at the gateway to Kings Park.
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,