Thank you for sharing!

Your article was successfully shared with the contacts you provided.

YONKERS, NY-The Patriot Square Mall, a nearly fully leased 45,000-sf shopping center in Stony Point, has been purchased by Westrock Development of Yonkers for $4.1 million.

Westrock Development, in conjunction with Koenig Management of New City, acquired the Rockland County-based shopping center from Michael Silberberg of Patriot Square Commons LLC. The deal marks Westrock’s entrance into Rockland County. The firm, founded in 2001, has invested approximately $15 million to purchase six properties in excess of 300,000 sf of commercial, retail and industrial space in New York and Connecticut.

The Patriot Square Mall, located at 32 South Liberty Place (Route 9W), sits on five acres of land and has space for 15 tenants. The shopping center is anchored by CVS and the Bank of New York and has leases with 12 other tenants. Since taking ownership recently, the investment group has rented space to Mister Softee Ice Cream and Pasta Cucina.

Jeff Koenig, a partner in Koenig Management, notes that the Rockland County store is the ice cream retailer’s first in New York State. “This is a test market for them as they consider moving more into the franchise business,” he says. The Stony Point Pasta Cucina is the restaurateur’s third location in Rockland County.

Commenting on the deal, Michael Friedland, a partner in Westrock Development, says, “Patriot Square fits into our business plan. Westrock Development seeks properties where we can bring our business acumen to add value. Patriot Square, for example, has never been fully rented and now, with the leasing of two stores, we have only a 1,000-sf store available.”

The shopping center was originally developed in the 1960s.

He adds that the firm expects to secure a tenant for the remaining space in the near future and that Westrock is actively looking in its market area of New York and Connecticut for additional properties to acquire that “meet our criteria.”

Westrock Development is a partnership of veteran area commercial and retail broker Robert Friedland, the founder of Friedland Realty of Yonkers, and his sons, Michael, a financial analyst and Jason, a former investment banker with Bear Stearns. Also a partner in the venture is Steve Corrigan, who has 15 years experience in real estate in the tri-state area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.