The Cutter Mill Plaza retail shopping center, located at 25 Cutter Mill Road in the Village of Great Neck Plaza, was recently acquired by Nassimi Realty for $4.8 million, according to a news release.
The 11,250-square-foot property has 10 retail spaces, with two of them – a “double” unit and single space – vacant. Among some of the businesses there are KC Graphics, Premium Jeans and Bags, Chatanooga restaurant, Great Neck Kids Learning Group, a pair of fitness facilities and Be Your Chef, a new Asian eatery.
25 Cuttermill Road Realty Corp., the previous owner of the property, sold it to Nassimi Realty after Subway closed and Aura Salon & Style Lounge moved to a Middle Neck Road location in recent months.
Cushman & Wakefield, a Manhattan-based commercial real estate company which has been involved in the sale of numerous properties in Great Neck and elsewhere on the North Shore, arranged the sale.
“25 Cuttermill Road presented an excellent opportunity to acquire a prime retail strip in the heart of the affluent Great Neck community,” Benjamin Efraimov, the director of Cushman & Wakefield and one of the deal brokers, said in a statement. “Situated in the center of a desirable Long Island village, the property is an ideal retail destination.”
In an interview, Efraimov said Nassimi Realty will be able to add some value to the property, provide better management and bring the strip back up to full occupancy within a year.
“They’re very reputable as far as owning these types of retail strips all around the country,” Efraimov said, noting that Great Neck “has always been a great market.”
Efraimov added that he is also optimistic because of the election of a new county executive.
The location also features a 4,160-square-foot basement, 2,470-square-foot mezzanine and 180 feet of frontage on Cutter Mill, as well as proximity to CVS Pharmacy, local eateries and the Long Island Rail Road station.
Representatives from 25 Cuttermill Road Realty Corp. and Nassimi Realty were not available for further comment.