Leser Group in contract to sell Borough Park grocery-anchored retail to Glass family for $41M

Abraham Leser‘s Leser Group through the entity McDonald Center LLC is in contract to sell a Shop-Rite-anchored retail strip center at 1080 McDonald Avenue in Borough Park, Brooklyn, for $41 million to the Glass family of New Jersey, which owns that Shop-Rite location and a handful of other grocery stores, records in the Tel Aviv Stock Exchange and state corporate databases, show. Leser has owned the property for more than 40 years.

The sale is expected to close June 30, 2026, and as of April 30, 2026, a $4 million deposit became non-refundable, the documents say. The buyer entity is Avenue I 1080 Realty CO. LLC, according to a PincusCo analysis of corporate records.
The Glass family operates Shop-Rite stores through its Glass Gardens Inc., based in Rochelle Park, New Jersey. The company’s LinkedIn page lists 11 stores in New York and New Jersey.

Abraham Leser bought the property from the Bobover Yeshiva Bnei Zion on June 27, 1985, for $2.5 million, a PincusCo analysis of city records shows.

This $41 million sale price represents a premium over the property’s most recent book value, which was appraised at $36.5 million at the end of 2025, TASE documents show. Once the existing $19 million mortgage balance is cleared, the company — which maintains a 99.99% stake in the asset — anticipates the deal will inject roughly $17 million in excess cash flow into its accounts.

The property

The retail building in Borough Park has 130,404 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 338 feet and is 355 feet deep with a total lot size of 77,715 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $12.9 million.

Prior sales, articles and revenue

The 130,404-square-foot property generated revenue of $2.4 million or $18 per square foot, according to the most recent income and expense figures.

Development

For the tax lot building, it received its initial renovation certificate of occupancy on May 21, 2013.

Violations and lawsuits

According to city public data, the property has received $11,450 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has near average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were 33 pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing zero square feet of the 151,909 square feet. The identified owner is Shulem Schik. On the tax block, there were two new building construction projects totaling 313,950 square feet. The largest is a 164-unit, 286,894 square-foot residential (R-2) building submitted by Berl Jacobowitz with plans filed June 4, 2009 and permitted April 7, 2014. The second largest is a 27,056 square-foot assembly (A-3) building submitted by Shulem Schik and filed by Shulem Schik with plans filed February 10, 2022 and permitted November 14, 2024.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 23 Avenue I in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.