Bogopa Enterprises, Shorewood Real Estate Group Complete $101.1M Retail Real Estate Acquisition in Long Island City

New York City-based Bogopa Enterprises and Shorewood Real Estate Group have completed a $101.125 million retail real estate acquisition of a Food Bazaar-anchored property in Long Island City, Queens, according to city records. The deal closed March 6, 2026.

The 74,637-square-foot building at 42-02 Northern Boulevard — also addressed as 35-04/06 42nd Place — was sold by Great Neck, Long Island-based Gould Investors, which had owned the site since 1997. The property sits on 146,206 square feet of land and is fully occupied by a Bogopa-owned Food Bazaar supermarket. The transaction was reported by ABS Partners Real Estate.

Retail Real Estate Acquisition Details

At $101.125 million, the deal equates to approximately $1,354 per square foot based on the building's 74,637 square feet of rentable area. No cap rate or financing details were disclosed in connection with the transaction.

The family-owned Bogopa Enterprises, operator of the Food Bazaar grocery chain, partnered with Shorewood Real Estate Group on the acquisition.

Property History and Real Estate Development Background

The building's retail history stretches back decades. The site formerly housed a Pathmark grocery store under a lease that originally commenced in April 1977, carrying an initial lease term of 25 years plus six five-year renewal options — a structure that, if fully exercised, would extend through 2032.

In 2012, Bogopa secured an assignment of that lease from Pathmark's parent company, the Great Atlantic & Pacific Tea Company, paying $4.2 million for the remaining lease term. The Great Atlantic & Pacific Tea Company subsequently filed for bankruptcy in 2015.

In 2013, Bogopa entered into an agreement with the New York City Industrial Development Corp. to undertake capital improvements to the existing structure at an estimated cost of $4.4 million. The improvements were made as part of the city's Food Retail Expansion to Support Health (FRESH) Program, a municipal initiative designed to incentivize grocery retail in underserved neighborhoods.

Buyer Profiles

Bogopa Enterprises is a family-owned New York City operator of the Food Bazaar supermarket chain. By acquiring the property outright, the company transitions from tenant to owner-occupant at the Long Island City location.

Shorewood Real Estate Group is a real estate firm active in the New York City market. Additional financial or portfolio details were not disclosed in connection with this transaction.

Long Island City Retail Real Estate Market

The transaction involves a grocery-anchored retail property in Long Island City, Queens. The building remains fully occupied by Food Bazaar. No construction permits have been reported in connection with the site.

The sale price of $101.125 million was confirmed through New York City property records, according to reporting by ABS Partners Real Estate.

Sources

• Commercial Observer – Bogopa Enterprises / Food Bazaar Buys 42-02 Northern Boulevard
• ABS Partners Real Estate – Food Bazaar's Parent Company Acquires LIC Location for $101.1M