Phillips Edison & Company Acquires Retail Asset From Joyland Management For $57 Million In Staten Island
2965 Veteran's Road West
$57,000,000
$362/SF
Building Size
157,347 SF
Asset Type
Retail
Closing
Sep 17, 2026
About this deal
AI
The retail property located at South Shore Commons, situated at 2965 Veterans Road West in Staten Island, has been sold for $57,000,000. This asset encompasses a total area of 157,347 square feet, resulting in a price per square foot of $362.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $57,000,000
- Asset Address: 2965 Veterans Road West
- Market: Staten Island
- Square Footage: 157,347
- Price Per Square Foot: $362
- Buyer: Phillips Edison & Company
- Seller: Joyland Management - Joel Wertzberger, Judy Wolcowitz & Jack Wolcowitz
- Brokers: Daniel O'Brien, Conor Lalor, Caroline Hodes, Loren Valla, Felton Hatcher & Adam Spies - Newmark
The transaction involved key representatives such as Joel Wertzberger, Judy Wolcowitz, and Jack Wolcowitz, representing Joyland Management as the sellers. Newmark's brokerage team consisted of Daniel O'Brien, Conor Lalor, Caroline Hodes, Loren Valla, Felton Hatcher, and Adam Spies, who facilitated the transaction.
On the Map
$57,000,000
$362/SF
Retail
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Players
Staten Island Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93