Silber Investment Properties brokers $17 million sale of two shopping centers for Castle Bay Management

Syosset, NY Silber Investment Properties (SIP) has successfully brokered the sale of two prime shopping centers in Nassau County, Long Island, for a combined total of $17 million.

The premier retail assets — located at 180 Jericho Tpke. in Syosset and 350-382 W. Old Country Rd. in Hicksville — encompass a combined 46,983 s/f. Both properties were acquired simultaneously by Castle Bay Management Services (CBMS), led by John Tanenbaum, expanding the family’s real estate portfolio.

The high-profile transactions required seamless coordination across the SIP brokerage team. For the property at 180 Jericho Tpke. in Syosset, Tommy Sansone represented the seller, while Nick Anzalone and Adam Silber represented the buyer. For the Hicksville transaction at 350-382 W. Old Country Rd., Silber represented the seller, and Anzalone represented the buyer.

The Syosset asset features a highly visible 19,554 s/f retail center situated along the heavily traveled Jericho Tpke. commercial corridor, trading at a 6% cap rate with a stable mix of local and nationally credited tenants. The Hicksville asset comprises a prominent 27,429 s/f neighborhood shopping center that sold at a 6.5% cap rate on the current net operating income (NOI), offering multiple complementary storefront and restaurant spaces ideally positioned near major local schools and residential districts.

For the buyer, the acquisition of the Syosset asset represents the culmination of a decades-long family vision.

“Many years ago, my father and his business partner once had an office in Syosset Medical Building, which we still own and manage, and I always remember them both looking out their window across the street and saying, ‘It would be ideal to own and manage this center right across the street, it is right in front of us.’ Now, almost 50 years later, we are glad to finally make their dream a reality,” said Tanenbaum of Castle Bay Management Services. “We believe in the area, we believe in the tenants, and we believe in our own abilities at Castle Bay Management Services to provide quality service.”

Tanenbaum expressed equal enthusiasm for the acquisition in Hicksville, noting the strategic potential of the property.

“We are excited to expand and add this shopping center into our portfolio,” Tanenbaum said regarding the Hicksville asset. “The center provides a great opportunity for us at Castle Bay to do what we do best, improve and renovate pre-existing space, provide top-notch service to tenants and their clients, and provide expert property management. We are confident in the market and community in this area. We are committed to making much needed improvements to the center and better provide services to our tenants.”

Executing a dual-property transaction of this scale required an immense collaborative effort from all legal, brokerage, and title professionals involved.

Reflecting on the successful closing of both properties, Tanenbaum said, “Transactions of this size are not easy, and it takes a team of very talented people to provide their expertise and get this over the finish line. We are greatly appreciative of the hard work of Gary Meltzer and his team at Meltzer Lippe for their legal contributions, Adam Silber and his brokerage firm for their assistance throughout, and Phil Solomon at First American Title for his work on the closing.”

“This transaction highlights the ongoing strength and resilience of Nassau County’s retail market,” said Silber, founder and president of Silber Investment Properties. “Arranging the simultaneous sale of two distinct shopping centers to a single purchaser requires precise execution. Our team’s deep-rooted local relationships allowed us to seamlessly match the right inventory with a highly motivated buyer looking to expand their portfolio.”

“Deals of this scale underscore the unique value we bring to retail real estate,” said Anzalone, vice president of investment sales. “By packaging these two institutional-quality assets together, we were able to provide an immediate, comprehensive solution for an investor looking to deploy capital efficiently into prime Long Island real estate. It’s a win-win scenario that capitalizes on strong consumer demographics and low retail vacancy rates.”

The completion of this dual acquisition underscores the robust liquidity remaining in Long Island’s suburban retail sector. Well-positioned strip centers continue to draw significant interest from regional owner-operators who are focused on density, strong physical fundamentals, and long-term asset appreciation.

“The success of this dual-property acquisition is a direct testament to collaborative brokerage,” said Tommy Sansone. “When a buyer has an appetite for quality inventory, having an aligned team that can pull together two separate, strong-performing Nassau County centers is what sets us apart. We were able to deliver a flawless execution for the seller in Syosset while simultaneously answering a major demand on the buy-side.”

“Nassau County retail continues to be an incredibly reliable vehicle for private capital,” Anzalone said. “Securing a 6% cap in Syosset and a 6.5% cap on current NOI in Hicksville demonstrates that well-located Long Island strip centers remain a top prize for investors looking for stability, predictable cash flow, and long-term value.”

Both Tanenbaum and Silber shared similar sentiments about the market and look forward to working together on another acquisition in the future.