Miller, Tapper, Ortiz and Nigido of Eastern Consolidated sell Unilake Shopping Plaza

The location of Unilake Shopping Plaza, situated at the intersection of Union Tpke. and 271st St. was one of the chief factors that drove the sale of the 14,780 s/f retail shopping center, which sold for $4.7 million after an auction. Eastern Consolidated senior director Alan Miller with director Benjamin Tapper represented the seller, Bremen House, Inc., while Eastern Consolidated senior director Robert Ortiz acted on behalf of the buyer, Vickers Realty. Paul Nigido was the financial analyst. "We anticipated a quick, quiet sale in the $3 million range for this underperforming center, which was definitely in need of TLC," said Miller. "But, in part because of its strategic location near Lakeville Rd. on the Queens/Nassau border, we decided to test the property's market value by posting it on our website. Immediately, the listing generated a flurry of interest and subsequently, we brought it to auction, which drove the final sales price up to $4.7 million." According to Tapper, "The acquisition served as the back end of a 1031 exchange for the buyer to defer capital gains tax from the property he had previously sold to Columbia University." Unilake Shopping Plaza was built around 1962-63 and was renovated in 1994. Currently the center contains 11 tenant spaces, retail and restaurant. According to Miller, "This is a terrific opportunity for the new owner to upgrade a very well-situated asset, re-positioning it to attract major residential and commercial traffic in the vicinity." Andrew Albstein, Esq. of Goldberg Weprin & Ustin LLP represented the seller, while Robert Pellegrino Esq., of Levy Holm Pellegrino & Drath LLP acted for the buyer. Founded in 1981, Eastern Consolidated has emerged as one of the country's preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.