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.
©2008 Community News Group
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