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RIPCO Brings Asian Supermarket Chain to Long Island City
RIPCO Real Estate has completed a 63,525-square-foot, 15-year leasing deal with H Mart at 48-18 Northern Blvd. in Long Island City. Formerly a Stop & Shop, the space will serve as a grocery anchor for the shopping center. H Mart is the largest U.S.-based grocery store chain specializing in Asian-style products.
Michelle Abramov and Greg Batista of RIPCO brokered the deal. “48-18 Northern Blvd. represents an ongoing trend of second-generation supermarket spaces being leased by competing supermarket chains due to high construction costs and the disruption in supply chain for supermarket infrastructure,” said Abramov. “We are confident that H Mart will serve the community by offering a new supermarket for residents to fulfill their shopping needs.”
The area has a strong and growing Asian demographic, making this a suitable location for an Asian specialty supermarket. The property is easily accessible from the E, M and R subway lines.
- ◦Lease
