Pan Bay Center in Queens, New York, acquired for $27 million

New York -- Urban Edge Properties announced the acquisition of Pan Bay Center, located in the Howard Beach neighborhood of Queens, New York, for $27 million. The property includes almost the entire block on the west side of Cross Bay Boulevard between 156th Avenue and 157th Avenue.



The 50,000 sq. ft. property is currently 85% leased with local retail tenants on the ground floor and medical office tenants on the second floor. The property includes 97 parking spaces.



“This acquisition demonstrates our ability to identify and to acquire off-market assets in established, urban areas where we can add value by improving the physical offering and merchandising, by filling vacancy and by bringing rents to market,” said Jeff Olson, chairman and CEO for Urban Edge.