Crown Acquisitions buys former Macy’s retail location on Staten Island for $16M

Crown Acquisitions through the entity CDMSI LLC paid Macy’s Inc. through the entity Macy’s Retail Holdings, LLC, $16 million for the suburban-style retail mall building (K3) at 112 Richmond Hill Road in New Springville, Staten Island.
The deal closed on July 2, 2025 and was recorded on July 15, 2025. The property has 319,000 square feet of built space and 702,818 square feet of additional air rights for a total buildable of 1,021,538 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $50 and the price per buildable square foot is $15 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on March 17, 2017, for $2.3 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Crown Acquisitions purchased one property in one transaction for a total of $23 million and sold eight properties in five transactions for a total of $99.6 million over the past 24 months.
The seller Macy’s Inc. had not purchased any other properties and sold one property in one transaction for a total of $23 million over the same time period. The 319,000-square-foot property generated revenue of $10.7 million or $34 per square foot, according to the most recent income and expense figures.

The property

The retail building in New Springville has 319,000 square feet of built space and 702,818 square feet of additional air rights for a total buildable of 1,021,538 square feet according to a PincusCo analysis of city data. The parcel has frontage of 858 feet and is 624 feet deep with a total lot size of 817,231 square feet. The lot is irregular. The zoning is C4-1 which allows for up to 1 times floor area ratio (FAR) for commercial and up to 1.25 times FAR for residential. The city-designated market value for the property in 2022 is $45.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 2, 2018. On the lot, there is one active major alteration construction project, 520137833, for a 1,509,214 square-foot M building. The project was submitted by Claire Vitto with plans filed October 21, 2014 and permitted February 14, 2017.

The block

On this tax block, PincusCo has identified the owners of three of the 23 commercial properties representing 82,775 square feet of the 2,517,315 square feet. The largest owner is Raymour & Flanigan, followed by Chris Furie and then Petroleum Marketing Group.
On the tax block, there was one new building construction project filed totaling 7,311 square feet. It is a 7,311 square-foot assembly (A-2) building submitted by Douglas Adams with plans filed May 1, 2017 and permitted August 15, 2017.

The majority, or 87 percent of the 2.5 million square feet of built space are retail buildings, with industrial buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Macy’s Inc. owned at least two commercial properties in New York City with 4,593,612 square feet and a city-determined market value of $620.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 4,593,612 square feet of built space are mixed-use properties, with retail properties next occupying 48 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 48 percent of the space.

The buyer

The PincusCo database currently indicates that Crown Acquisitions owned at least five commercial properties with 107 residential units in New York City with 608,432 square feet and a city-determined market value of $555.1 million. (Market value is typically about 50% of actual value.) The portfolio has $11.5 million in debt, borrowed from East West Bank. Within the portfolio, the bulk, or 74 percent of the 608,432 square feet of built space are office properties, with D4 properties next occupying 24 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

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