Northmarq arranges $15 million refinance of 34,949 s/f Atlantic Plaza Shopping Center in Ozone Park

Queens, NY Northmarq’s New York Metro Debt + Equity team led by Robert Delitsky and Keith Braddish arranged the $15 million refinance of Atlantic Plaza Shopping Center, amid continued lender appetite for necessity-based retail in the outer boroughs. The 34,949 s/f, multi-tenant anchored center is located at 102-20 Atlantic Ave. in Ozone Park.

Northmarq arranged the financing on behalf of the owner, Schuckman Realty Inc., through a relationship with a commercial bank.

“We are thrilled to have arranged this financing for our long-time client on this premier retail center,” Delitsky said.

“This transaction reflects the continued strength of well-located retail properties in the boroughs and Northmarq’s ability to deliver financing solutions to meet our clients’ objectives.”

“Atlantic Plaza has been a family asset for decades, and this refinancing positions it for the next chapter,” said Ken Schuckman, president of Schuckman Realty Inc. “Grocery-anchored retail in the boroughs is as strong as we’ve ever seen it — well-located neighborhood centers with daily-needs tenants are outperforming the market, and lenders know it.”

Built in 1984, Atlantic Plaza Shopping Center is leased to daily-needs tenants including Bravo Supermarkets, Lenox Hill Radiology, Four Leaf Federal Credit Union and Dunkin’.