We’re pleased to announce that Perlmutter Properties Inc.’s affiliate, PPI of New Jersey LLC has been given a New Jersey Real Estate Broker’s license, thanks to the efforts of Alan Zuckerman, its broker of record.
Thanks to Michael Grossman of MAG Real Estate Advisors for asking Perlmutter Properties to participate in Volunteer New York’s Giving Tuesday program. I’m looking forward to getting my hat this morning (picture coming?). My parents and grandparents set an example for me as a kid about the importance of giving back to your community. As a student in college, my favorite economics courses were the ones on the economics of lesser developed countries. One of the principles I learned then and that motivates me in how I choose to give back is that a society’s greatness is judged on the wellbeing of its least advantaged members.
One of the many great things about my father, Milton Perlmutter, is that he saw how important it was to give people the tools to better their lives. He believed that the highest form of charity was to help people to help themselves. Of all his many business accomplishments, I think that he was most proud of bringing Pathmark supermarkets to underserved communities like Bedford-Stuyvesant. Although I don’t think I’ve had that kind of life-changing impact that bringing quality food to at a competitive price to these food deserts had, I’ve always thought it important to take on listings in under-retailed communities to help bring goods and services to their members.
So, whether it is raising scholarship money to help fulfill the dreams of kids who can’t otherwise afford college, or filling needs in an underserved community, there is always an opportunity to lift up society by helping those who need it most.
Perlmutter Properties will be exhibiting at the ICSC New York National Deal Making on December 7th and 8th at the Jacob Javits Convention Center. We’ll be in Booth 368, which we are sharing with Benbrooke, Admiral Real Estate, and QuantumListing.
Perlmutter Properties is a company in transition. That’s what keeps us relevant. It’s like that old adage, the only constant is change. Commercial real estate is a dynamic industry, so once your company stops changing, you wither and ossify.
Disruption is the buzzword of the day in real estate circles, especially in the tech end of the industry. I think, though, unless you have a really low bar for what qualifies as disruption (with a few exceptions), transition is really a more relevant term.
The objective of this blog is to explore the transitions I see and have seen in the commercial real estate industry, and how Perlmutter Properties is responding to it. We’ll also explore the friction caused on the disruption/transition margin. Stay tuned, and buckle up. The ride may be bumpy, but it should interesting and fun, too.
New york Properties
75 and 94 North Main Street – Spring Valley, NY
75 North Main Street, Spring Valley, NY
Downtown Retail Space
Papa John’s Pizza has opened at 75 North Main Street at Four Corners Spring Valley. There are two spaces of 3100 and 6000 SF that are still available.
At 94 North Main Street, four stores ranging in sizes from 1275 to 1350 SF are available. An accountant opened in January, and a barber shop opened this month. There is an endcap available that is perfect for a non-venting food use, that also includes an outdoor covered patio.
CPC Resources developed the buildings as part of the revitalization of downtown Spring Valley. The properties are conveniently located near the train station and Memorial Park.
Area demographics are outstanding, with 113,714 people residing within a 3 mile radius with median household incomes of $75,362.
New Jersey Properties
The Village at Livingston – Livingston, NJ
Retail Space Available
The 45,000 SF former Pathmark, and a 7000 SF end cap are available. There are two additional contiguous stores available of 3000 and 1800 SF. There are letters of intent out for much of the space, so if you are a client are interested in a store, now is the time to act.
The Village is a 100,000 square foot neighborhood center located at the intersection of Route 10 and Eisenhower Parkway in Livingston, New Jersey. It is at the gateway to the busy Route 10 retail corridor.
Tenants include CVS, Olive Garden, Wine Legends, Hudson City Savings Bank, GameStop, Greets and Treats, Milano French Cleaners, Karate USA and Zen Restaurant. The Livingston Arts Council is occupying space on a temporary basis.
644 Route 10 – Livingston, NJ
New Retail Development
A new 42,000 SF retail center is being developed on the west bound side of Route 10 in Livingston, New Jersey. The site, which is now used for light industrial and warehouse space is well into the approval process.
Current plans for the center are for a 30,000 SF anchor store with 12,000 SF of smaller shop space.
Circle Plaza – Livingston, NJ
Highway Specialty Center
3350 SF is available at Circle Plaza, located at 464 West Mount Pleasant Avenue. Ownership will divide the store, and a national franchise is negotiating for half, so if you or your client are interested in a smaller store, please let us know.
Circle Plaza is a 20,000 square foot specialty center located on the westbound side of Route 10, near the Livingston traffic circle. The tenants at the center are Golfsmith, Men’s Wearhouse and the Livingston Robotics Club, which is occupying space as a temporary tenant.
Major tenants in the immediate vicinity include Fortunoff’s Backyard Store, Best Buy, Big Lots, Michael’s Arts & Crafts, Staples, CVS, Wine Legends, Toys R Us, Olive Garden, and Toys R Us.
Circle Plaza is located in an affluent and densely populated area. Within a three mile radius, there is a population of 63,196 with average household income of $113,814, and within five miles, the population is 186,126 with an income of $102,138.
Lyons Plaza – Newark/Irvington, NJ
Retail Space Available
Popeye’s Chicken just opened at Lyons Plaza. The tenant was represented by John Ponczek of JP Realty and the landlord by David Perlmutter and Amy Cole.
A 1500 square feet in line store formerly occupied by H&R Block is available at Lyons Plaza. There is also a 1000 SF end cap available, and a 1088 SF in-line store, formerly a Chinese restaurant.
The 78,400 square foot neighborhood center is located at the intersection of Lyons Avenue, Fabyan Place, and Route 78 on the Irvington-Newark border. Great pylon signage is included. The center is now fully leased, but an additional 10,000 SF may be possible in the future at this location with the acquisition of an adjoining parcel.
Lyons Plaza is anchored by a Pathmark Super Center, one of the highest volume Pathmarks in New Jersey. National tenants at the center are Radio Shack, Carvel, Rent-A-Center, GameStop, Golden Krust and Blimpies. Local tenants include Macy Beauty Supply, a Chinese restaurant, a nail salon, $Dollar Plus, Rosa Dry Cleaners, and a convenience store.
The center is located in a densely populated area, with 55,605 people within a one mile radius, 330,422 within 3 miles, and 725,728 within 5 miles. Average household incomes are $ 49,758, $51,079, and $54,488 respectively.
Built in 1990, Lyons Plaza is owned by a joint venture of Eastman Management Corporation and Lysar Management, Inc.