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Soundview Marketplace In Foreclosure; Retailers Said To Be Staying Put

Soundview Marketplace went into foreclosure approximately one month ago.

In September 2010, Clearview Cinemas pulled out of Soundview Marketplace. By January 2011, the 183,400-square-foot property shopping center was in foreclosure.

Soundview Marketplace is a property of Armstrong Realty Management. According to Port Washington North Mayor Bob Weitzner, the foreclosure is based on a default on repaying a $21 million debt.

Weitzner said he hopes the foreclosure process will move quickly and get resolved, so that the shopping center can move forward and attract viable businesses into the Port Washington area.

“The lenders of the current owner forced the foreclosure and a receiver will be chosen to manage the property until either the owner resolves the foreclosure or the notes are sold to someone else,” he said.

Reaction from tenants in the Marketplace was mixed.

Take Mike Liu, who owns .  

“I have heard about the foreclosure, but since the theater left, my business went down by 40 percent,” Liu said.

Still Liu is staying put.

“I am here since 1989 and I am planning to stay," he said. "Where else will I go? I hope another movie theater comes in. The landlord keeps saying he is working on the empty space.”

and  declined comment when asked if they planned to stay or leave. However, Sajid Javid, owner of said he has been there for 11 years and fortunately, for him, business is booming.

“The foreclosure is not affecting my business, although I hope everything is resolved soon,” Javid said. “I heard Staples might be coming here soon and Tuesday Morning, a discounted home accessory store, just opened their doors.”

According to Weitzner, however, Staples had expressed interest in Soundview about four years ago, although "nothing recently has come up."

Benjamin Ringel, president and CEO of and one of the property’s landlord said that as far as he knows all the businesses are staying, including HSBC bank and King Kullen.

“The Clearview Movie Theater was supposed to stay, but they said there were problems with the parking conditions at the Marketplace," Ringel said.

"Hopefully we will get another movie theater to take its place, but myself and the other property owners are not sure yet. All the other businesses are staying.”

Weitzner said there is another reason why the theater left. When it came time for lease renewal, there were talks to negotiate a lower rent, but the offered amount was not low enough to entice Clearview to stay.

When asked about the reason for leaving the marketplace, a Clearview spokeswoman said, "Clearview Cinemas is privileged to have served moviegoers at the Soundview Cinemas for more than 12 years, and are honored to continue serving the local community through our nearby Port Washington Cinemas on Main Street."

When asked about the future of the Marketplace, Weitzner had this to say.  

“We have been working with the present owners to improve the shopping center and make sure they continue to maintain it," Weitzner said. "We also welcome any new businesses that wish to come into Soundview Marketplace.”

Weitzner put no stock into word on the street that some other entity might replace the Marketplace.

“Nothing is being torn down, unless someone wants to build a new shopping center," Weitzner said. "That's what it's zoned for, and that's the way it will stay.”

This article was updated to clarify the reason for Clearview Cinema's departure.

dlemieux March 08, 2011 at 02:24 AM
It's amazing that the Mayor is so concerned about a shopping center, and wants to work with the owners.... where was his concern when my neighborhood complained repetedly in 2009 about a landlord that was renting a two family house in Port Washington North that had 16 people living in it? The overcrowded conditions were not of great concern to the Mayor or Building Inspector. We were told in a monthly Village Meeting that "as long as they were all part of the same family it wasn't a problem." Really Mr. Mayor? If the house next to yours was overcrowded, I'm sure it wouldn't be for long. And I had to chuckle at the quote, “Nothing is being torn down, unless someone wants to build a new shopping center," Weitzner said. "That's what it's zoned for, and that's the way it will stay.” Really?! The zoning in the overcrowded house in my neighborhood wasn't zoned as a rooming house, but for a year 16 people were allowed to live in a two family home in Port Washington North, that was only allowed to have a maximum of 4 people per unit. The Port Washington North elections are coming up. Who is running against the Mayor of Port Washington North?
NancyC March 08, 2011 at 06:08 PM
Thank you, Patch. It's nice that SOMEONE is doing real reporting in this town. The future of Soundview Marketplace affects many of us, and the closing of Clearview Cinemas was a real local tragedy. Armstrong Realty has been unrealistic for years about the value of leases at Soundview--no wonder the place ended up in foreclosure. Please keep up your coverage of this issue.
Ed Shendell June 01, 2011 at 06:57 PM
Anything Armstrong says needs to verified. Their website has Staples as an anchor tenant in Soundview with a 14,900 sq. ft. store. http://www.armstrong-realty.com/soundview.html
bppw January 05, 2012 at 05:28 AM
I will not patronize Clearview Movie for leaving the Soundview Shopping center. It is a perfect place for a theater -- not Main street. If I have to drive, it won't be to Main street. Tuesday Morning is fabulous! West Marine is great! Ace Hardware is wonderful as is Rite-Aid. I love this shoppign center except for the Kiing Kullen which sould be replaced with a North Shore Farms quality and service -- King Kullen is abysmal -- never trust any signs regarding price -- the register never rings up what the signs say. Another movie theater and a restaurant/pub/bar that stays open past 10 would be perfect.
R Miller January 05, 2012 at 01:46 PM
I think you are misinformed in regards to clearview leaving. Armstrong propperties is a questionable firm you are strict mercenaries. There are many vendors over the years who have worked there have not been paid. Basically the movie theater was pushed out for some grand secretive plan. As for staples that deal has been dead for over a year now from what I understand. I think a new owner who is willing to work with all parties can make this into a viable and vibrant shopping center

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