Metropolitan Realty Associates signs Best Buy to 35,500 SF lease at the Shops at Nanuet

Source: New York Real Estate Journal (NYREJ)

Nanuet, NY: Metropolitan Realty Associates LLC (MRA), led by CEO and founder Joseph Farkas, has signed Best Buy to a 35,500 s/f lease at 5101 Fashion Dr.

Best Buy will occupy a portion of the ground floor of the former Macy’s building, within the Shops at Nanuet, as part of MRA’s ongoing repositioning of the anchor space previously occupied by At Home, which vacated the property at the end of 2025.

“The rapid re-leasing of a significant portion of our ground floor on a long-term lease to a major national retailer underscores the strength of our ‘Main and Main’ location at the intersection of Rte. 59 and Middletown Rd.,” said Farkas. “Visibility, accessibility, and proximity to a strong consumer base continue to make this property highly desirable.”

He added, “Tenants benefit from tremendous customer parking, high ceilings, efficient loading infrastructure, and co-tenancy with leading national retailers, including Stop & Shop, Floor & Décor, Apple, Regal Cinemas, and 24 Hour Fitness, as well as a strong mix of restaurants and specialty retailers. We are also continuing to enhance the property through targeted retail additions, including the recent introduction of a new freestanding Popeyes Louisiana Kitchen drive-through restaurant, further activating the site and broadening its food and convenience offerings. We are pleased to welcome Best Buy to the center.”

The transaction represents a key milestone in MRA’s strategy to reposition and strengthen the property’s anchor tenancy.

Jeffrey Howard, vice chairman of RIPCO Real Estate, represented the tenant. David Landes and Zach Landes of Royal Properties represented Metropolitan Realty Associates and serve as the exclusive leasing agents for the property.

Source: New York Real Estate Journal (NYREJ)

TRG’s Thoughts: 

Nanuet is the Lower Hudson Valley’s regional retail gravity well; seeing Best Buy take junior-anchor space at a former department-store location is a live example of the “big-box to junior-anchor” conversion playbook now running across Hudson Valley centers. We might see more of these.