In his prior affiliation with The Retail Initiative, Inc. (TRI), G. Lamont Blackstone led its involvement with Abyssinian Development Corp. in the development of a small, irregularly configured infill site.

The project was configured as a 50,000 square foot supermarket with one level of rooftop parking and an additional 5,000 square feet of satellite space. The supermarket was leased to Pathmark Stores, Inc., a leading regional chain with a successful track record of operating in inner-city neighborhoods. Protracted negotiations resulted in advantageous lease terms from the supermarket anchor.

Through its involvement, the development team fended off strong political opposition and obtained all necessary approvals to proceed with site acquisition and development.

The inordinate development costs were covered by a complex structure of institutional debt and equity combined with public sector capital from local, state and federal sources.

When performance issues arose with the general contractor, TRI and its partner Abyssinian Development Corp. worked closely with the construction lender to resolve delays and cost overruns and complete the project.

The center opened in 1999 to major community and media acclaim. The satellite space was leased to Lot Stores at rents 20% above the pro forma projections. The supermarket is consistently one of the top performers in the chain.

The project was hailed as the first significant round of commercial development to occur in East Harlem in over 25 years. Subsequent to the project’s opening, two additional commercial projects were initiated on abandoned and under-utilized sites across the street, further contributing to the revitalization of East 125th Street.