South Shore Commons Sells for $57M, $11.4M Over 2022 Deed

Phillips Edison & Co paid $57 million for South Shore Commons, the shopping center at 2965 Veterans Road West on Staten Island, in a deal that closed about Sept. 17, Commercial Observer reported. The seller is named as Joyland Management.

Why it matters

The price is $11.4 million above the last arm’s-length deed in the city record. A March 2022 deed for the same three lots shows $45.6 million, so the owners booked a 25.0% gain over roughly four and a half years, or about $362 per square foot against about $290 at the 2022 price, on the 157,347 square feet in the press report.

That deed does not name Joyland. It names Veteran Holdings NY LLC and MT Veterans LLC, a Brooklyn and Cedarhurst pair. The timing matches the press account of a four-year hold, but ACRIS does not link those entities to Joyland, so treat that match as likely and not established. The buyer, Phillips Edison, is a grocery-anchored shopping center owner, and it is the party putting new money behind the property.

The numbers

The 2022 deed covers block 7511, lots 150, 1 and 75, which carry the addresses 2925, 2935 and 2965 Veterans Road West. The seller then was Veterans Road Holdings, LLC, which had paid $41 million in a 2018 deed, so the three lots have now moved from $41.0 million to $45.6 million to $57.0 million across three sales in eight years.

An Aug. 2023 deed for $0 moved the lots into Veterans Center NY LLC, which looks like an internal restructuring and not a sale. Because of it, the days-held figure of 1,647 runs from the 2022 deed date and not from the 2023 transfer. The city’s lot record for lot 75 lists Veteran Holdings NY LLC as owner, so the title has not yet moved on paper.

What the record does not show yet: no deed to Phillips Edison is in ACRIS as of Oct. 8, no mortgage appears against these lots, and we have not verified the tenant list or the loan, if any, behind the buyer. The $57 million and the Sept. 17 closing date come from the press report alone.

What’s next

Watch for the deed and the transfer tax filing, which will confirm the price, the parties and whether the Joyland link holds. For other Staten Island and city filings read against the record, see the New York market page.