Broadway Mall in Hicksville up for sale
Ikea at Broadway Mall in Hicksville. Manhattan-based real estate company Cushman & Wakefield has listed the mall for sale, highlighting the property?s affluent surroundings and national anchor tenants such as Macy?s, Target, Forever 21 and H&M. Credit: Newsday File / Bill Davis
The Broadway Mall in Hicksville is up for sale.
Manhattan-based real estate company Cushman & Wakefield has listed the mall for sale, highlighting the property’s affluent surroundings and national anchor tenants such as Macy’s, Target, Forever 21 and H&M.
The mall’s owner, Vornado Realty Trust, made it known last year that it planned to reduce its mall portfolio in a letter to shareholders. Several months later, Vornado sold the Green Acres Mall in Valley Stream to Santa Monica-based Macerich Co. for $500 million. The Broadway Mall is Vornado’s remaining Long Island shopping center.
The mall, where Long Island's only Ikea resides, has about 1.14 million of leasable space and an occupancy rate of 92.6 percent, according to the listing. The average household income within five miles of the mall is $129,091, and Ikea has a long-term lease that expires in 2088, the listing states.
The Broadway Mall has evolved in the years since its original owners Walter Stackler and Leonard Frank built and opened it as the Mid-Island Shopping Plaza in 1956. The shopping center, which changed its name to the Broadway Mall in 1989, filed for bankruptcy protection in 1990 and began a revitalization in 1991 when Swedish furniture chain Ikea was added as an anchor store.
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