Infinity pays $32M to Madison International for shopping center in Staten Island

Steven Kassin’s Infinity Real Estate through the entity IRE Richmond Ave LLC paid Madison International Realty’s MIR Richmond Associates, LLC $31.5 million for the Shops at Richmond Avenue at 2505 Richmond Avenue in Staten Island. The deal closed on March 3, 2020, and was recorded on September 9, 2020. The transaction consists of 1 parcel, including the tax class shopping center with parking facilities (K6). The property is 77,260 square feet. The parcel(s) have total development potential of 240,559 square feet.
The average sale price per square foot is $131.

The last time the property sold was July 24, 2018, when Madison, already an owner, bought out a 25 percent stake in the property from Forest City Ratner, with the parcel valued at $20,964,000. Ronald Dickerman is president of Madison International. Steven Kassin is founder of Infinity Real Estate.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on September 26, 2013.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $129,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link