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New York & Tri-State  + Outer Boroughs  + Retail  |  August 21, 2026
Paul Bubny
By: Paul Bubny

Grocery-Anchored Queens Retail Secures $32M Financing

Northmarq’s New York Metro Debt + Equity team, led by Robert Delitsky and Charles Cotsalas, arranged $32 million in financing for Springnex Plaza, a 96,028-square-foot retail property located in the Springfield Gardens neighborhood of Queens. Delitsky and Cotsalas arranged financing on behalf of the owner, Mattone Group Springnex LLC, through Principal Financial Group.

“Ownership developed Springnex Plaza in 2000 and they have done a fabulous job maintaining very strong occupancy,” Delitsky said.

“Supermarket-anchored shopping centers like Springnex Plaza will continue to attract very strong lender interest in today’s market,” added Cotsalas.

Springnex Plaza is a 100% occupied, multi-tenant, grocery-anchored retail center situated on approximately 5.58 acres. Serving the Springfield Gardens community for more than two decades, Springnex Plaza offers a complementary mix of grocery, dining, healthcare and service-oriented tenants. Anchored by Stop & Shop, It is home to a diverse roster of local and national retailers, including Ashley Stewart, IHOP Restaurant, and Northwell Health.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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