Mattone Investors handles all aspects of commercial property development and management from site selection, zoning analysis, and risk assessment, to budgeting, construction oversight, marketing, and leasing. Areas of expertise include:
Transforming unimproved lots into successful commercial and residential developments
Consulting for site selection and acquisition
Coordination and supervision of architectural, construction and engineering work
Solicitation and negotiation of tenant leases
Full-service management of developed properties
Our focus is on successful commercial, residential and industrial development, and management. We work with business clients to find and/or develop structures and property that fit each client's criteria. We pride ourselves on our unique adaptability to diverse market conditions that allows us to continually meet the varied needs of our tenants, our business partners, and the surrounding community. Mattonenlooks for investment opportunities in a variety of property types including:
Low to Mid-Rise Commercial Structures
Jamaica Center is a 411,000 square-foot, mixed-use retail and office complex located at the intersection of Jamaica Avenue and Parsons Boulevard in the heart of Downtown Jamaica. With its roster of national tenants, exceptional visibility, and outstanding public transportation, Jamaica Center serves as the retail hub of Downtown Jamaica. The project is home to a 15-screen National Amusements movie theater, Old Navy, fashion retailer New York & Company, and Walgreen’s. The office tenant is the Queens Educational Opportunity Center (QEOC), a SUNY program administered by the City University of NY. The project is also served by 375-space underground parking garage.
The 1.8-acre site was developed by Mattone after winning a highly competitive Request for Proposals issued by the NYC Economic Development Corporation in 1995. Formerly used as a parking lot, the prominent site had long been viewed by the City and the State as a transformative commercial nexus to anchor Jamaica Avenue’s active but declining retail strip. After three prior failed RFPs, the City awarded the site to Mattone, believing the company’s successful track record of development and investment in Southeast Queens was the perfect fit for the project. Numerous public approvals were required, and Mattone worked closely with New York City and New York State public officials, agencies and elected officials to navigate complicated processes. Throughout the process, Mattone met frequently with community groups and stakeholders to ensure that local desires, interests, and concerns were addressed. Jamaica Center opened to wide acclaim in 2002 and has been a successful anchor to the Jamaica Avenue retail corridor ever since.
Roosevelt Raceway Center
Built in 1995, Roosevelt Raceway Center is a 427,000 square foot, 50-acre power retail center located in Westbury, New York, near the Roosevelt Field Mall. The center is leased to Home Depot, PGA
Superstore, Food Bazaar, David’s Bridal, a 10-screen AMC Loews Theatre, Michaels Stores, Applebee's, Chili's and Sprint. Mattone Investors and its business partner, Gartenstein Properties, acquired the property in 2008 for $103 million. Ownership has created tremendous value through a substantial redevelopment and re-tenanting of the center. Additional redevelopment opportunities are currently being explored to further solidify the property’s position as a leading regional power center.
The Azure is a 34-story luxury residential building located at East 91st Street and First Avenue on Manhattan’s Upper East Side. The $230-million project was developed by a joint venture of Mattone and the DeMatteis Organization after the team submitted the winning proposal in response to an RFP issued by the Educational Construction Fund (ECF) in 2006. ECF is a city agency that functions as a financing and development vehicle for the New York City Department of Education to facilitate the construction of public schools in New York City. Under the innovative ECF model, a 530-seat new public middle school was built by the project’s developers, who purchased air rights from the old school on the same property to build the Azure.
The Azure contains 128 apartment residences featuring floor-to-ceiling windows, high ceilings, and spacious layouts. Apartments range from 600 square-foot studios to 3,000 square-foot four-bedroom terraced units. In addition to the apartments’ high-end fit-out, the building provides first-class amenities including 24-hour concierge service, fitness center, game room, children’s playroom, residents’ lounge, and dining room, and two landscaped roof terraces. Next door to the Azure is Middle School 114, where public school students are taught in a newly built, state-of-the-art school. The $46-million school was
entirely paid for using the proceeds from the air rights purchased by the project’s developers.
Construction on the Azure was completed in 2012, and the building fully sold-out in 2013.
In the 1980s, having just completed the acquisition and residential conversion of his former law school on Schermerhorn Street in downtown Brooklyn, Joseph Mattone, Sr. was introduced to Bruce Ratner and the Forest City Ratner Development Company. Sharing their vision for the transformation of downtown Brooklyn, Mr. Mattone partnered with Forest City Ratner in developing the pioneering MetroTech project. Over several decades, this partnership created 2.6 million square feet of class A office space, leading to the renaissance of Downtown Brooklyn. With the acquisition of Forest City by Brookfield Asset Management in late 2018, the Mattone’s ownership interest remains the last of the original developers.
Springfield Gardens Stop & Shop
The property is a 96,000 square foot shopping center located at the intersection of Springfield and Merrick Boulevards in Springfield Gardens, Queens. It consists of a 60,000 square-foot Stop & Shop Superstore, as well as 36,000 square feet of ancillary retail stores and a 400-space parking lot. In addition to Stop & Shop, tenants include Ashley Stewart, Rainbow Shops, Spectrum, Municipal Credit Union, and Queens Health Network.
Mattone Investors was brought into the project by the center’s original supermarket tenant, Pathmark. The project’s prior development group was unable to obtain the special permit required under the applicable zoning. Working with the local stakeholders – churches, community organizations, the
community board, and local government officials – the Mattone’s genuine concern for local issues and its candor with these stakeholders created a mutual trust which resulted in local support for the special permit. Today, prudent management and local support continue to make the center a tremendous success.