KZA Realty Inc. has been chosen by Riverbay Corporation to attract and retain commercial tenants at market rent prices. Riverbay is the property management company that manages Co-op City and also manages the Bartow Shopping Center and a 10,000-square-foot Bingo Hall at 8021 Bartow Avenue in the Bronx.
Riverbay's Board of Directors recently approved a 15 year lease extension of the Rite Aid Pharmacy for their 8,045 square foot space at the Bartow Shopping Center.
Peter Merola, Riverbay’s Director of Finance, said Riverbay’s current management is focused on increasing commercial tenant rates because the properties command a higher value as retail development continues to increase in the surrounding areas.
KZA is currently studying tenants at the nearby Peartree Center and Bay Plaza to determine how to best recruit retailers that will fit in well with the surrounding businesses and add to the diversity of services offered in the area.