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Firm shows faith in Queens.

In a deal negotiated by Sholom & Zuckerbrot Realty LLC, Staples has renewed the lease on its 38,000 s/f distribution center in the Maspeth section of Queens for the second time in 10 years, reports S&Z chairman Sanford Zuckerbrot.

Staples will occupy the facility, at 47-10 Grand Avenue, for at least another 6 years, according to John Ritter, an S&Z principal who represented both the landlord and the tenant in this transaction.

"This commitment to this Queens neighborhood demonstrates Staples' faith in the strength of the market and the firms vision of long term growth," said Ritter.

Usually the company only extends its lease for a year or two, but in Queens, Staples arranged a longer term lease clearly with the expectation that Brooklyn and Queens will be a growing market.

"Mr. Ritter's market knowledge was instrumental in valuing this property at a price that both the landlord and tenant found agreeable," said Zuckerbrot.

"His ability to easily compare lease terms of similar surrounding properties enabled smooth negotiations."
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Title Annotation:Suburban Markets
Publication:Real Estate Weekly
Date:Oct 25, 2006
Words:171
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