BEB Capital has leased the site of its former steak and sushi restaurant at 661 Northern Boulevard in Great Neck to Biener Audi, one of the largest Audi dealerships in the Northeast.
The transaction enables a major expansion for Biener, which has its primary location nearby at 795 Northern Blvd.
The 30-year lease gives Biener Audi just over an acre of additional space to build a new dealership at the location formerly occupied by Union Prime Steak & Sushi. The restaurant had been operated by an affiliate of BEB Capital for the past four years.
The switch in site usage represents a “logical portfolio adjustment” for BEB Capital, according to the firm’s CEO, Lee Brodsky.
“Since our focus primarily is on real estate, we took this step to ensure the long-term stability of our very well-located property in Great Neck by signing a long-established, highly regarded tenant like Biener Audi,” Brodsky explained.
“We appreciate the popularity our restaurant enjoyed, but as real estate owners and managers first and foremost, we recognized that there is a better use for this choice asset.”
Dan Oliver of Newmark Knight Frank served as leasing broker for BEB Capital, and Stephen Wolf of SW Reality Capital represented Biener in the transaction.
Biener Audi has been in business for 89 years. The multi-generation family-run establishment is headed by Stanley and Andrew Weinstock.
BEB Capital, privately-held and based in Port Washington, New York, has a real estate and investment portfolio consisting of multifamily and mixed-use developments, parking facilities and restaurants totaling over $340 million in assets throughout the East Coast.
Although it owns and operates a diverse set of businesses on a limited partner basis, enabling diversity among its investment portfolio, BEB Capital has been sharpening its core competencies in recent years, in preparation for new strategic ventures in real estate.
One of those ventures already is underway. BEB Capital is establishing a strong presence in the East Harlem multifamily sector, having recently acquired a new apartment building and a development site.
Previously known as BEB Real Estate, BEB Capital was launched in October of 2016 by the Brodsky family, known for its long history in real estate development.
