July 25, 2022 – Bob Horvath, Todd Tremblay and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of Fortunoff in Staten Island, New York. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,873,846.
Fortunoff is located at 2075 Richmond Avenue in Staten Island, New York. The stand-alone building consists of 6,000 square feet on a 0.36-acre parcel of land. Fortunoff Backyard Store signed a brand new, 10-year lease at the close of escrow, with three (3), 5-Year renewal options. The lease calls for 10% rental increases every five years throughout the base term and options periods. Founded in 1922, Fortunoff is an iconic brand in the northeast with 27 locations selling high-quality outdoor furniture in New York, New Jersey, Connecticut, Delaware, and Pennsylvania. The Property is centrally located in Staten Island and benefits from excellent visibility on Richmond Avenue, a major north-south thoroughfare in Staten Island. Fortunoff Backyard Store is situated just 1.2 miles from the Staten Island Mall, the only indoor shopping mall in Staten Island with over 1.2 million square feet of retail stores and restaurants, and is minutes from the CUNY College of Staten Island, with over 10,000 students and staff. The Property benefits from its proximity to Interstate 278 and NY-440.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.