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Tag: mixed-use 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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  • Babylon Village mixed-use property sells for $4.625M | Long Island Business News

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    A fully occupied mixed-use property near the Babylon LIRR station sold for $4.625M, highlighting strong investor demand in Babylon Village.

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    David Winzelberg

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  • Garden City mixed-use building sells for $36M | Long Island Business News

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    THE BLUEPRINT:

    • 127,496-square-foot sold at 1300 Franklin Ave. in Garden City

    • Buyer paid $36 million, according to public records

    • Building is 78.5% occupied with medical and tenants

     

    A mixed-use property in the heart of Garden City has been sold. 

    The 127,496-square-foot building on 2.3 acres at 1300 Franklin Ave. has a new owner after Garden City Buyer LLC, an entity with an address of Manhattan law firm Tarter Krinsky & Drogin, purchased it from Boston-based Intercontinental Real Estate Corporation. The sale price was not disclosed, though public records show the deed transferred for $36 million. 

    Once the home of Saks Fifth Avenue in a canyon of big-box retailers more than two decades ago, the building at 1300 Franklin Ave. was acquired for $13.5 million in Jan. 2005 by Yonkers-based Alfred Weissman Real Estate which redeveloped it into a mix of office and retail. Weissman then sold the Garden City building to Intercontinental for $31.3 million in Oct. 2010, according to public records. 

    Today, the building is 78.5-percent occupied by tenants that include NYU Langone , Walgreens, Cornell Medicine and Healthtrax. About 27,000 square feet at the building is available to lease. 

    Jose Cruz and Jeremy Neuer of ‘s Capital Markets Investment Sales and Advisory team represented the seller, with JLL’s David Leviton providing leasing and market support, according to a company statement. 

    “Medical buildings continue to appeal to investors due to the stability of their  tenants and the recession-proof nature of the sector in general,” Cruz said in the statement. “The value-add aspect of this offering also drew significant interest particularly given its central location in a healthcare hub on Long Island.” 

    The building at 1300 Franklin Ave. is next to another department-store-turned office building at 1200 Franklin Ave. That property, which now has Morgan Stanley as a 62,000-square-foot tenant, was once a Lord & Taylor store which closed as part of the company’s bankruptcy five years ago. 

    Once known as “Long Island’s Fifth Avenue,” the Garden City corridor was a shopper’s paradise, with department store chains like Bloomingdales, Abraham & Strauss, Saks, Lord & Taylor and furniture retailer W.J. Sloane. Eventually, the stores either fled to greener pastures like the nearby Roosevelt Field mall or closed up shop entirely. 

    Since then, much of Franklin Avenue and its environs have become home to a collection of financial firms and ever-growing medical tenants. 


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    David Winzelberg

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  • Inked: Long Island commercial property sales and leases update | Long Island Business News

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    2441 Jericho Turnpike,

    ATL Wings leased an 1,805-square-foot space in the City Park Plaza shopping center at 2441 Jericho Turnpike in Garden City Park. The space was formerly occupied by Brooklyn Wing House. Melissa Naeder of Cushman & Wakefield represented the tenant, while John Tannenbaum served as in-house representative for the landlord, Garden City Park Associates, in the lease transaction.

     

    65 East Old Country Road,

    Fidelis Care, a insurance company, leased 2,000 square feet of retail space in the Delco Plaza shopping center at 65 East Old Country Road in Hicksville. The space was the long-time home of Jenny Craig. Melissa Naeder of Cushman & Wakefield represented the tenant, while Neil Schorr of Realty Insight Group represented the landlord, Rush Properties, in the lease transaction.

     

    8 Grant Ave.,

    Su Family 8 Grant LLC purchased .68 acres of at 8 Grant Ave. In Bay Shore for $2.1 million. Jeremy Hackett of Metro Realty Services represented the buyer, while Rich Pino and Dave Blanc of R&R Commercial Realty Group represented the seller, RJS Trucking, in the sales transaction.

     

    2052 Route 112, Medford

    PBBSNYC Medford LLC, an affiliate of Pallet Kings Liquidators, leased 25,000 square feet of commercial space at 2052 Route 112 in Medford. The space was formerly occupied by Angela’s House Home Store. Michael Murphy of Douglas Elliman Commercial represented the tenant, as well as the landlord, Lucky Daughters Realty, Inc., in the lease transaction.

     

    1235 Grand Ave., Baldwin

    Hermes Management LLC, a New York City-based investment firm, purchased a 4,500-square-foot building on 1.09 acres at 1235 Grand Ave. in Baldwin for $3.6 million. The property is triple net leased to Chase Bank. The sale price equates to a 5.36 percent cap rate. Anne Chang of JadeStone Real Estate Consulting represented the buyer, while Dylan Silber of Silber Investment Properties represented the seller, RDC Baldwin LLC, in the sales transaction.

     

    68-70 East Jefryn Blvd.,

    Bob Wu, a Brooklyn-based commercial real estate investor, purchased the 18,000-square-foot building on .93 acres at 68 East Jefryn Blvd. in Deer Park and the adjacent 18,000-square-foot building on .94 acres at 70 East Jefryn Blvd. for $7.4 million. The multi-tenant properties are 100 percent occupied by a total of 13 tenants. The sale price equates to a 6.5 percent cap rate. Michael Gronenthal of Douglas Elliman Commercial represented the buyer, while Desmond Mullins of Premier Commercial Real Estate represented the seller, DP Industrial Holdings LLC, an affiliate of Manhattan-based Anchor Capital Group, in the sales transaction.

     

    2-20 Larkfield Road, East Northport

    Jay Collins purchased a 9,975-square-foot mixed-use building on .37 acres at 2-20 Larkfield Road in East Northport for $2 million. The property has one rental apartment and four commercial spaces. The buyer plans to occupy a currently vacant 2,500-square-foot retail space. The sale price equates to a 6.6 percent cap rate. Stefanie Cosentino of Cosentino Realty Group represented the buyer, as well as the seller, Brave Tornado LLC, in the sales transaction.


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    David Winzelberg

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