ReportWire

Tag: Investment property

  • Long-held Bethpage mixed-use asset has changed hands | Long Island Business News

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    A in  that’s had the same ownership for nearly three decades has been sold. 

    Pervez Kahn, principal of , purchased the two-story, 6,137-square-foot building on .15 acres at 10-12 Railroad Ave. for $2.1 million. The fully occupied building has nine rental apartments, and a ground-floor commercial space leased to , a popular local watering hole. 

    The sale price equates to a 6.1 percent cap rate. 

    Kahn Capital Group, which focuses on the acquisition and long-term ownership of multifamily and mixed-use assets throughout Long Island, plans significant investment in renovations and improvements to the property, according to a broker on the deal. 

    Carle Place-based ERG  provided a $1.444 million acquisition loan to Kahn Capital Group for the Bethpage purchase. 

    “The owner’s goal was to purchase the property with good leverage to then invest back into the property to add value,” ERG’s Ryan Lewis announced on Instagram. “We were able to arrange a five-year fixed traditional mortgage with an interest only component for the first year which would then convert to an amortizing loan for the remaining years. We were also able to arrange that for the first year the borrower would have the option to cash out/refinance without penalty after adding value to recapitalize his investment further accomplishing the borrower’s goals.” 

    The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, MMC 2 Inc., in the sales transaction. 

    “Demand for mixed-use assets with durable residential income remains extremely strong,” Bigansky of North Village Realty told LIBN. “This transaction reflects both the depth of qualified buyers in the market and the appetite for properties that offer long-term upside through strategic capital investment. Executing an accepted offer within 30 days—while generating many qualified backup offers—is a clear indication of how competitive this segment remains and the depth of investor demand for well-located mixed-use properties.” 


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    David Winzelberg

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  • Chase Bank property in Baldwin sold for $3.6 million | Long Island Business News

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    Daifa Food buys Deer Park industrial property 

    Daifa Food Inc. expands on Long Island with a $7.4M purchase of a 29,500-sq-ft Deer Park industrial property a[…]

    November 6, 2025

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    David Winzelberg

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  • Dunkin’ Donuts property in Huntington Station sells for $2.2M | Long Island Business News

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    A Dunkin’ Donuts property at 281 Walt Whitman Road in Huntington Station sold for $2.2 million to franchisee 281 Capital Partners LLC.

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    David Winzelberg

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  • New to Canada and no pension: How to save for your retirement – MoneySense

    New to Canada and no pension: How to save for your retirement – MoneySense

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    The difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late 20s or early 30s—and they face unique challenges:

    1. Depleted savings: If you’re a 30-year-old newcomer, chances are you’ve used a large portion—if not all—of your savings to set up your new life in Canada. So, you’re behind in the retirement savings game. If retirement savings were a 100-metre race, lifelong Canadians have a 20- to 30-metre head start over newcomers.
    2. Lower income: If you’re a newcomer to Canada, you’ve probably had to restart your career a few rungs lower on the corporate ladder because of your lack of Canadian work experience. This means you’re not earning as much as others your age who have similar experience. Consequently, your ability to save for retirement is lower.
    3. Lack of knowledge: You need to understand Canada’s financial and tax systems to maximize its retirement planning opportunities, and gathering this knowledge takes time.
    4. Reduced contributions: Joining the Canadian workforce later in life than their Canadian-born peers, immigrants have fewer years to contribute to the Canada Pension Plan (CPP) and build up registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contribution room. For this reason, they rely on less tax-efficient unregistered savings and investment vehicles to sustain their retirements to a greater degree than their neighbours.

    But there’s good news. As Toronto-based financial advisor Jason Pereira points out, “Canada’s retirement system does not discriminate against newcomers. The rules are the same for everybody.” So, with the right knowledge and expertise, you can work towards building a strong retirement plan. 

    How to start retirement planning as an immigrant

    To plan for retirement, you need to know:

    • How much money will you need each month in retirement? The simplest method to estimate your income requirement in retirement is to consider it to be 70% to 80% of your current income. For example, if you earn $75,000 a year today, 70% of that is $52,500—that’s $4,375 per month—in today’s dollars. Alternatively, you could estimate the amount you’d need in retirement using this tool.
    • How much you’ll receive from government pension and aid payments: You need to estimate approximately how much you’ll get from the Canada Pension Plan (CPP) and other government programs: Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). The tool at this link will help you do so. Ayana Forward, an Ottawa-based financial planner, notes that “some home countries for newcomers have social-security agreements with Canada, which can help newcomers reach the eligibility requirements for OAS.”
    • How much you’ll receive from your employer-sponsored retirement plan: Workplaces without a defined benefit pension plan sometimes offer a registered investment account (usually a group RRSP), with contributions made by you and your employer or only your employer. If you have a group RRSP from your employer, what will its estimated future value be at the time of your retirement? You could use a compound interest calculator to find out.
    • How to make up for a shortfall: The CPP, OAS, GIS and your group RRSP likely won’t be enough to fund your retirement. You’ll need to make up for the shortfall through your personal investments or additional sources of income.

    Sample retirement cash flow for a 35-year-old (retirement age 65)

    This table illustrates the types of income you could have in retirement. The amounts used in the table are hypothetical estimates. (To estimate your retirement income, try the various tools linked to above.)

    Amount (today’s value) Amount (inflation adjusted)
    A Amount needed $52,500 $127,400
    B Government pension and aid payouts
    (CPP, OAS, GIS)    		 $22,000 $53,400
    C Employer-sponsored pension plan
    (group RRSP)    		 $8,000 $19,400
    D B + C $30,000 $72,800
    E Shortfall (A – D) $22,500 $54,600
    F Needed value of investments in the year of retirement (E divided by 4%, based on the 4% rule) $562,500 $1,365,000
    G Needed flat/constant monthly investment amount from now to retirement $969

    In the example above, the person faces an annual shortfall of $22,500. In other words, this person needs to generate an additional $22,500 per year to meet their retirement income needs, after accounting for the typical government pension or aid payouts and their employer-sponsored retirement plan. To do this, they’d need to invest about $969 per month, assuming an 8% annual rate of return from now to retirement 30 years later. How could they fill this gap and meet their shortfall? Enter self-directed investments, real estate and small-business income.

    Build your own retirement portfolio

    An obvious and tax-efficient way to cover your retirement income shortfall is to build your own investment portfolio from which to draw income in your retirement years. These investments can be held in registered or non-registered accounts. Registered accounts, such as the TFSA and RRSP, offer useful tax advantages—such as a tax deduction and/or tax-free or tax-sheltered gains, depending on the account—but the amount you can contribute to these accounts is limited. Non-registered accounts have no contribution limits but offer no tax advantages. 

    Newcomers often have lower TFSA and RRSP contribution room compared to their peers because they’ve lived and worked in Canada for a shorter period. “TFSA contribution room starts accruing the year of becoming a resident of Canada,” Forward explains. “RRSP contribution room is based on earned income in the previous year.”

    Your TFSA and RRSP contribution room information is available on your Notice of Assessment from the Canada Revenue Agency, which you’ll receive after you file your tax return. To check your TFSA limit, you can also use a TFSA contribution room calculator.

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    Aditya Nain

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  • O.C. man took money meant for COVID gloves to buy boats and cars. Now, he’s been sentenced for fraud

    O.C. man took money meant for COVID gloves to buy boats and cars. Now, he’s been sentenced for fraud

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    An Orange County man was sentenced to more than seven years in federal prison Friday after admitting he duped three companies out of $3 million for protective gloves that were promised but never delivered during the onset of the COVID-19 pandemic.

    In addition to the 87-month sentence, Christopher John Badsey, 63, of Lake Forest was ordered to pay $1.94 million in restitution after pleading guilty to four counts of wire fraud.

    In June and July 2020 — when personal protective equipment such as masks, gloves and hand sanitizer were in short supply — Badsey claimed his Irvine-based company, First Defense International Security Services Corp., could provide millions of boxes of nitrile gloves, according to court documents.

    Badsey entered into contracts to sell gloves to three other companies, court documents say, and required each to deposit around $1 million before they could inspect the promised goods.

    The companies wired a total of $3.2 million to accounts Badsey, his company or an unnamed co-schemer controlled, according to court documents.

    However, prosecutors say Badsey didn’t have the gloves, and concocted elaborate excuses whenever his clients inquired about delivery. His false stories included “absurd claims that government agents were blocking access to his warehouse,” prosecutors wrote in a sentencing memorandum.

    Meanwhile, he used the deposit money to bankroll expensive purchases, authorities say, including a yacht, a pontoon boat, two Mercedes-Benz automobiles, two Ford pickup trucks, a recreation vehicle, a tractor, three ATVs and fishing equipment.

    He has forfeited all titles from items purchased with the pilfered funds, along with $58,923 in cash.

    Court documents show that Badsey — who previously pleaded guilty to three gun misdemeanors, including gross negligent discharge of a firearm, in November 2016 — had initially argued for a much leaner sentence: one year and one day, a three-year term of supervised release and a special assessment of $400.

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    Andrew J. Campa

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  • Home buyers’ alert: Terms you may not know, but should – MoneySense

    Home buyers’ alert: Terms you may not know, but should – MoneySense

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    Foch says that, for real estate investors in Canada, it’s much better to look beyond the nice round number of a house price and look at what your return on investment can look like from an income perspective. “You can think about a property in terms of price, but you can also think about it in terms of price to income and that’s what a cap rate or a gross rent multiplier would do,” he says. (An investment property’s cap, or capitalization, rate is the net operating income it produces divided by the property’s value.) This way, you can use a more representative inclusive metric when you are trying to select a property to purchase. 

    How does an assignment sale work?

    An “assignment sale” is when an initial buyer signs a contract that allows the first buyer to sell the property prior to the closing date. This is uncommon in commercial real estate, but can happen with new builds of condominiums. Artenosi says that, in previous development builds he’s worked on, he’s declined to allow this sort of sales as it creates unwanted competition. He thinks new investors should look at less risky options when they are first starting out. 

    “I think it’s a very speculative concept, buying someone else’s agreement, and you would probably also have financing concerns when you’re doing that as well. If you’re buying an assignment agreement, and you have to get an appraisal to finance it, the appraiser is going to know that it’s sold for $200,000 less.”

    Investing in a legal apartment

    A “legal apartment” is a suite that you can rent to tenants and that meets all housing and zoning requirements. Artenosi has helped investors buy and renovate homes early in his career in order to have income-generating legal apartments, which not only helped his clients but helped him develop and broaden his business. 

    “That small basement apartment that I helped this new buyer retrofit, renovate and finance, that led to my building $30 million and $40 million condo development sites. That skill set evolves,” he says. “You become much more comfortable in the area of leverage and risk. And, that skill set will lead to bigger and bigger deals.”

    Are we in a housing bubble? 

    The term “housing bubble” is a perennially trendy one. The simplest definition is when the market rises to levels that experts believe are unreasonable and unsustainable. This is usually fueled by speculation in a market that is growing at a rapid pace. In Canada, the markets where housing bubbles are most often discussed are Vancouver and Toronto. (Read: Toronto housing bubble: Is it ready to pop?)

    Appraised versus assessed value 

    The “assessed value” of a property is what a local municipality uses for the purposes of calculating your tax, a value that is calculated by provincial assessment authoritieshas deemed as its value for tax purposes. The “appraised value” is based on previous sales over a shorter time period, usually six months. It is much more focused on what an owner can get for their property. Michael Davidson, a commercial specialist with RE/MAX Canada says that the data from both perspectives can be helpful for a new investor, even if neither are absolute. 

    “They are both good to have for the completely uninformed outsider unfamiliar with the local market and to help provide at the very least a range of value that wouldn’t be less than what it’s worth to a buyer,” Davidson says. “One thing that is generally known [in the industry] is [that] the value of a property is only what someone is willing to pay for it. Many people don’t know that.”

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    John Loeppky

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