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STATEN ISLAND, NY-Net Cost Market leased a 15,000-sf lease at 3155 Amboy Rd. in the Oakwood Heights section of Staten Island, NY, a former Foodtown location within an existing 80,000-sf Oakwood Shopping Center. This will be their first Staten Island location.

The landlord, AVR Realty of Yonkers, was represented in-house by Norman Lesman. Gary Mayzlin of Brooklyn-based Kalmon Dolgin Affiliates arranged the long-term lease on behalf of the tenant, Net Cost Market, which currently operates four supermarkets in Brooklyn and another in Philadelphia.

A source close to the deal tells GlobeSt.com that asking rentals at 3155 Amboy Rd. is $25 per sf. The asking yearly value is approximately $300,000 per year and the lease is for 20 years, the source explains.

“Retail availability is limited in the area,” Mayzlin tells GlobeSt.com. “This Amboy Road location is part of a larger 80,000-sf shopping center centrally-located in a beautiful, middle-class neighborhood containing many single and two-family homes.”

Mayzlin continues that “this lease represents taking advantage of an existing space–in this case a supermarket–which offered the needed infrastructure and in-place equipment for Net Cost.” The Net Cost Market chain of supermarkets caters to the needs of local residents of Eastern European heritage.

“Having done other leases for Net Cost Market in Brooklyn, I always keep my eyes open for other attractive locations throughout the city,” Mayzlin notes. “When I found out that Foodtown was ready to vacate the premises because it could no longer compete with mega supermarket chains like Pathmark, Shoprite and Stop & Shop, I contacted the landlord and proposed the new tenant. The owners were happy to welcome a strong, established company with a niche business. For Net Cost Market, the location represented an opportunity to take over a space that had a lot of needed infrastructure and equipment already in place.”

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