A shopping mall within Queens has attracted the interest of the Blackstone Group, a private equity firm, and the property is believed to have been sold.
It has been reported by business websites Bloomberg and Crain’s that the property is believed to have changed hands for approximately $400m, and sources have suggested that a deal has gone through, although the Blackstone Group has yet to confirm this. If the mall sale leads to more businesses using the space, then it could have the effect of increasing demand for business card printing in Central Islip.
The Sky View mall was formerly owned by Onex, a business which has a focus on real estate. The mall has been a development of mixed usage, and brokerage company Eastdil Secured dealt with the details of the sale.
The Blackstone Group has not invested in the area before. It has been reported that the neighborhood is on the up, with the population and rental values both increasing rapidly.
The mall is approximately 550,000 square feet in size and has been largely occupied by big retail organizations. For instance, Restoration Hardware, Nike, and BJ’s Wholesale Club have all used the amenities provided. Target has also been a significant presence, but has not been sold to the Blackstone Group because it has ownership of its specific location.
A parking garage is an important part of the complex and can accommodate about 2,500 vehicles. Users of the retail outlets are not charged for making use of the garage.
