Today’s news:

Mattone seals deal for $103M L.I. shop center purchase

The Mattone Group, the Whitestone-based developer, announced this week it had purchased the Roosevelt Raceway Center in Westbury, L.I., for more than $103 million, a retail powerhouse Chief Financial Officer Michael Mattone hopes will be a guaranteed money-making investment for his firm.

The Mattone Group, teaming with Garnstein Properties, executed the retail center's purchase from ING Clarion Partners.

The acquisition transfers control of the retail center's bevy of brand name stores to Mattone and Garnstein, which include The Home Depot, Home Depot Expo, an AMC movie theater, Michael's, Babies "R" Us, Sprint and eateries Chili's and Applebees.

"It's a great location with great tenancies," Mattone said Tuesday. "Everything around it is already built up."

The former Roosevelt Raceway, the site of harness racing, was transformed into the retail center in 1995. Mattone said the development firm has no immediate plans to redevelop the area since the current makeup of the retail center has already proven itself a money-making entity.

"It's really more of an investment than a development opportunity for us," Mattone said.

The Mattone Group, a family-owned development firm headquartered at 134-01 20th Ave. in Whitestone, is one of the largest developers in the borough.

The group owns and is in the process of developing several Queens properties, including Pathmark Plaza in Springfield Gardens, Waterside Estates at Cresthaven along Whitestone's northern shoreline and the Jamaica Center along Jamaica Avenue and Parsons Boulevard in downtown Jamaica.

Garnstein Properties is a commercial and residential developer based in Manhattan.

Reach reporter Stephen Stirling by e-mail at Sstirling@timesledger.com or by phone at 718-229-0300, Ext. 138.

Pin It
Print this story Permalink

Reader Feedback

Enter your comment below

By submitting this comment, you agree to the following terms:

You agree that you, and not TimesLedger.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to TimesLedger.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.

CNG: Community Newspaper Group