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Roosevelt Shopping Center, Terraza 7 Property Changes Hands for $7M

Roosevelt Shopping Center at 84-02 Roosevelt Ave. (NYC ZoLa)

Jan. 2, 2019  By Christian Murray

A large Jackson Heights property that once housed the Roosevelt Shopping Center and is currently home to the local bar and music venue Terraza 7 sold last month for $7 million.

The property, an irregularly-shaped lot that spans addresses 84-02 through 84-16 Roosevelt Ave. and 40-17 through 40-21 Gleane St., was purchased on Dec. 20 by the Malachite Group, a Long Island-based real estate company that owns community shopping centers throughout the country.

“The property’s ideal location and development potential made it an exceptional opportunity for the buyer,” said Stephen Preuss of Cushman & Wakefield, the brokerage firm that worked on the deal, in a statement.

84-02 Roosevelt Ave. is an odd-shaped property (represented in green) Photo: Cushman & Wakefield

The all-retail property currently spans 8,730 square feet. Under current zoning, a 35,000 square foot structure could be built.

Freddy Castiblanco, the owner of Terraza 7, said that he has already been in discussions with the Malachite Group, and that the company apparently doesn’t have plans to develop the site.

The Terraza 7 owner said he will be meeting with the company later this month to discuss his lease, and aims to sign a 10-year agreement with the new owner.

While Terraza 7, which opened on Gleane Street in 2002, is likely to stay put, the future of the venue and gathering space was recently up in the air.

Castiblanco was told in 2016 by the previous owner, LDG Associates, that he had to vacate the property the following year to make way for a now shelved seven-story mixed use building planned on the site.

A representative form Malachite could not be reached for comment.

Terraza 7 at 40-19 Gleane St. as seen in August 2018. (NYC ZoLa)

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