Tag Archives: A&P

Stop & Shop to buy out Pathmark, Waldbaum’s supermarkets in Queens


| rpozarycki@queenscourier.com

THE COURIER/File photo

Updated, July 21, 2 p.m.

Stop & Shop is looking to grab six Queens supermarkets off the clearance rack.

The company announced Monday it is acquiring local Pathmark and Waldbaum’s supermarkets from the struggling Great Atlantic and Pacific Tea Company (A&P), which filed for bankruptcy. In all, Stop & Shop is purchasing 25 Pathmark, Waldbaum’s and A&P locations in the tri-state area from the grocery giant for $146 million. The deal is subject to court approval, but is expected to be finalized before the end of this calendar year.

On Sunday, A&P announced it was filing for federal Chapter 11 bankruptcy protection, its second such filing in five years, according to The Wall Street Journal. A&P reportedly racked up $2.3 billion in debts versus $1.6 billion in assets, according to its bankruptcy filing. Reportedly, the company lost $300 million between February 2014 and February 2015.

A Stop & Shop spokesperson said the acquired locations will remain open and become integrated into the national supermarket chain, and all of its employees would be retained.

“Stop & Shop is always looking for convenient locations to better serve our customers,” said Don Sussman, president of the company’s New York Metro Division. “We are very happy to have the opportunity to expand our presence in greater New York and serve new customers.”

Stop & Shop currently has five locations in Queens, including on Myrtle Avenue in Glendale; on Union Turnpike on the Glendale/Forest Hills border; on Northern Boulevard in Little Neck; and on 48th Street in Long Island City.

The chain will more than double its presence in the “World’s Borough” with the addition of three Waldbaum’s stores on 26th Avenue in Bayside, Beach Channel Drive in Belle Harbor and Cross Bay Boulevard in Howard Beach, as well as three Pathmark locations on Farrington Street in Flushing, Atlantic Avenue in Ozone Park and Springfield Boulevard in Springfield Gardens.

The 19 other Waldbaum’s and Pathmark locations that Stop & Shop purchased are in Nassau, Suffolk and Westchester counties, Staten Island, Brooklyn, the Bronx and New Jersey.

The 25 stores Stop & Shop acquired represent about 10 percent of A&P’s 296 stores nationwide. As part of the bankruptcy filing, A&P put up 120 supermarkets for sale at a combined $600 million, which will be tested at an upcoming auction. The company is closing 25 other locations immediately; none of those stores are in Queens.

Stop & Shop has 395 stores from New Jersey to Massachusetts employing over 59,000 workers.

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Whitestone shopping center sold for $24M


| mchan@queenscourier.com

THE COURIER/Photo by Liam La Guerre

A popular Whitestone shopping center has been sold again, but the neighborhood hotspot is likely to remain the same.

Feil Whitestone LLC, an entity under The Feil Organization, bought the property at 153-01 10th Ave. from Onyx Equities and Crow Holdings for nearly $24 million, officials announced Monday.

“It’s a good location,” Brian Feil, the company’s vice president, told The Courier. “From our point of view, it’s a very good investment.”

The 62,000-square-foot shopping center remains fully leased and anchored by a 40,000-square-foot Waldbaum’s, Feil said.

This means the supermarket chain — owned by the Great Atlantic & Pacific Tea Company, known as A&P — keeps its power to lease out the other 20,000 square feet of shops.

The diverse mix of local tenants currently includes an Astoria Federal Bank, Emperor House Chinese Restaurant and Cascarino’s pizzeria.

It was unclear whether A&P would make any changes to the current plan. The company did not respond to requests for comment.

Some tenants and residents hope the center remains the same.

Cascarino’s co-owner, Jimmy Coady, said his restaurant was not affected when the shopping site changed hands in 2012.

Onyx purchased the property then from an affiliate of ABA Partners for nearly $18 million, according to The Real Deal.

“I hope this doesn’t mean anything bad for me,” Coady said. “I grew up in the neighborhood. Everybody in the neighborhood shops there. I hope I can stay there.”

Feil, a real estate company based in New York City, also owns the Glen Oaks Shopping Center at 255-01 Union Tpke.

 

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