Bronx, NY KZA Realty Inc. was chosen by Co-op City’s Riverbay Corp., which includes the Bartow Shopping Center and the 10,000 s/f Bingo Hall at 8021 Bartow Ave. as well as other retail and office space, to attract and retain commercial tenants at market rent prices that will increase rental income for shareholders, beginning with the negotiation of a lease extension for Rite Aid Pharmacy.
The Riverbay Board of Directors recently approved Rite Aid Pharmacy to renew its lease for the 8,045 s/f space at the Bartow Shopping Center, extending the lease for 15 years at an increased rent rate that is expected to generate millions of dollars of additional revenue.
Dan McVeigh of KZA, said based on studies of surrounding businesses, KZA determined that Rite Aid as well as Riverbay’s other commercial properties were maintaining leases well under market value.
“Co-op City’s high visibility and close proximity to thousands of residents make it one of the hottest real estate markets in the Bronx,” said McVeigh. “Attracting the right tenants and bringing the rent up to market value will lead to increased profitability for shareholders and the revitalization of the community.”
McVeigh said in addition to the Bingo Hall, KZA is actively working on three lease renewals and will be working on leasing another 19,000 s/f of office and retail space.
According to the Co-op City Times, Peter Merola, Riverbay’s director of finance, said Riverbay’s current management is focused on increasing commercial tenant rates, and the properties command a higher value as retail developments continue to increase in the surrounding areas.
“Management recognized this and engaged a well-established and respected commercial real estate broker in the Bronx who is helping Riverbay obtain market rents for its commercial stores,” Merola told the Co-op City Times. “All of this benefits the shareholders since more rents received from commercial tenants help keep carrying charges affordable for the shareholders.”
For the Bingo Hall, KZA is currently studying tenants at the nearby Peartree Center or Bay Plaza, which KZA does not represent as those shopping centers are not part of the Riverbay Corp., to determine how to best recruit retailers that will fit in well with the surrounding businesses and add to the diversity of services offered in the area.
“We work in upper Manhattan, the Bronx and lower Westchester, so we can bring a bigger picture regarding what the trends are, who’s looking and what they’re looking for,” said Kathy Zamechansky president of KZA. “We will be working with the Riverbay staff to enhance the retail services that the shopping centers now provide to residents.”
KZA Realty Group is a commercial real estate brokerage and development consulting firm based in New York City. Founded in 1998 by real estate professional Kathy Zamechansky, KZA specializes in commercial planning, project management, community and government relations, finance, marketing, and communications. Ms. Zamechansky is the President of the Bronx Manhattan North Association of Realtors and a member of several community and business organizations in the Bronx and Harlem, including the Board of Directors of the Bronx Overall Economic Development Corporation, Board of Governors of the Bronx, the Manhattan Board of Realtors, the Board of Directors of the New Bronx Chamber of Commerce, the Harlem Business Alliance and the Advisory Board for the Fund for the Future Women Leaders of the Bronx. In 2009, she was named one of the 25 Most Influential Women by The Bronx Times Reporter and was awarded the Realtor of the Year by the Manhattan North Association of Realtors (BMAR).
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