NEW YORK--(BUSINESS WIRE)--Infinity Real Estate, a leading NYC based real estate subsidiary of Infinity Collective specializing in commercial, residential, and hospitality properties, proudly announces the successful sale of Richmond Plaza, the prominent shopping center located at 2505-2535 Richmond Avenue in Staten Island.
With two buildings totaling an area of 77,000 SF the property is anchored by Dick’s Sporting Goods, Starbucks, and Vitamin Shoppe. The property offers unparalleled access and visibility along Richmond Avenue at the main entrance to the Staten Island Mall. The property was acquired by an affiliate of Raymour & Flanigan, which plans to occupy the former Staples location.
Infinity Real Estate acquired the property in March 2020, and subsequently executed its value-add strategy. The company secured long-term tenancy at the site by extending the anchor tenant, Dick’s Sporting Goods’ lease term to 2034 and committing additional square footage to their eventual store expansion. Additionally, Infinity added two new curb cuts to create direct access to the Staten Island Mall and improve traffic circulation from all directions.
“We are delighted to have completed the sale of 2505-2535 Richmond Avenue to an exceptional operator that will enhance the local retail offerings for the local community,” said Infinity’s Steve Kassin. “This transaction exemplifies our team’s ability to successfully execute investment plans despite challenging market conditions and underscores our commitment to transforming exceptional properties. We are proud of these accomplishments and we’re grateful for this outstanding result.”
About Infinity Real Estate
Infinity Real Estate focuses on property level debt and equity investments in select urban and suburban core locations with proximity to housing, amenities, jobs, and mass-transit hubs. The company was founded in 2005 by Steven J. Kassin and is headquartered in New York City with an office in Miami Beach. Infinity Real Estate has completed over 120 ventures, focusing on ground-up development, adaptive-use redevelopment, and the highly complex transformation of over 40 historically designated properties across five U.S. cities and the surrounding metro areas. By strategically navigating market conditions, fostering relationships, and exercising creativity, discipline and diligence, Infinity Real Estate perpetuates its consistent track record of successful investment results.
For more information about Infinity Real Estate and its extensive portfolio of successful real estate ventures, please visit Infinity Collective’s website and follow us on Instagram and LinkedIn.
