The Background

This Long Island shopping center portfolio sale moved two institutional-quality Nassau County retail centers to a single buyer on the same day. The assets were 180 Jericho Turnpike in Syosset at 19,554 square feet and 350-382 West Old Country Road in Hicksville at 27,429 square feet, a combined 46,983 square feet that traded for $17,000,000. The buyer was Castle Bay Management Services, led by John Tanenbaum. Nick Anzalone represented the buyer on both centers.

The Problem We Had to Solve

On paper the two centers had nothing in common except a buyer. Two separate owners, two sets of motivations, two negotiations on two different timelines, and one closing date they both had to hit. If either side slipped, the buyer would have been left holding half a portfolio and rethinking the economics of the entire acquisition. Coordinating unrelated sellers toward the same finish line is exactly where deals like this normally come apart.

What We Did

We treated the two properties as one deliverable rather than two listings that happened to share a buyer. That meant running both negotiations against the same calendar, aligning legal counsel at Meltzer Lippe and title at First American Title across both files, and keeping each selling side fully informed without letting either one gain leverage over the other.

It also meant understanding what each asset actually meant to the buyer, because the two were not the same purchase. Syosset was personal. Tanenbaum’s father had looked out his office window at that same site decades earlier and wished he owned it. Hicksville was the value-add half of the equation, with Castle Bay planning renovations and hands-on property management after closing. Two very different reasons to buy, handled through one process.

How It Closed

Both centers closed together. Syosset traded at a 6% cap rate and Hicksville at a 6.5% cap rate on current NOI. As Adam Silber put it, arranging the simultaneous sale of two distinct shopping centers to a single purchaser requires precise execution. The buyer deployed capital into prime Long Island retail in one move instead of three separate searches, and both sellers got certainty of closing at pricing that reflects real demand.

The Silber Difference

The pricing here, a 6% cap in Syosset and 6.5% on current NOI in Hicksville, says something about the market: well-located Long Island strip centers are still in high demand with private capital. But pricing was never the hard part of this deal. Structure was. We have been transacting on Long Island retail for more than 30 years, which means we know who the real buyers are, we know the counsel and title teams that can move on Nassau County retail without slowing down, and we can hold two live deals together long enough for both to close on the same day.