BTF Capital Fund, led by Kenneth Schuckman and Aaron Malinsky, purchased the Whitestone Shopping Center in Queens for $56 million. Punia & Marx Real Estate sold the Key Food-anchored property located at 153-15 Cross Island Parkway. Property records show the deed transfer filed Friday.
The Northeast Queens shopping center represents a significant acquisition in the outer-borough retail market. Key Food serves as the anchor tenant, drawing consistent foot traffic and providing stable revenue for the new ownership. Cross Island Parkway's location offers direct access to residential neighborhoods and commercial corridors across Queens.
Schuckman and Malinsky's BTF Capital Fund has positioned itself as an active buyer in the Queens retail space. The $56 million price point reflects current market values for stabilized, anchored shopping centers in Queens, where retail investors balance brick-and-mortar challenges with the staying power of grocery-anchored properties.
For existing tenants in the center, the ownership transition typically means lease renewal discussions in coming months. Retailers benefit from management continuity at anchor stores like Key Food, which maintain reliable operations. For landlords seeking exits in Queens retail, the sale demonstrates that institutional buyers remain active for well-positioned assets despite broader shifts in retail.
BTF Capital Fund's acquisition strategy appears focused on secondary and tertiary markets where institutional capital deployment remains selective. The Whitestone location qualifies as both, offering Queens retailers and residents stable shopping access while providing the fund with predictable cash flows from an essential-use tenant in a dense residential area.