Challenge:
American Investment Properties was retained to sell the day care center and apartment building located at 5725 Van Horn St & 86-02 57 Ave, Elmhurst, New York. The building totals 16,540 square feet and is located on a corner lot.
A major challenge we faced with this property was that before we received the listing and began marketing it to our pool of buyers, the property was unsuccessfully marketed for years prior. This was a challenge because in commercial real estate, perception often becomes reality. Once a property
develops a reputation for not trading, capital becomes hesitant — even if the fundamentals have changed. By the time we stepped in, we weren’t just marketing a property. We were marketing it against its history.
An additional challenge we faced was the day care center was on a short-term lease. Having a short-term lease can sometimes produce financing concerns, re-leasing risks, and income instability to buyers.
Action:
Our team quickly brought this asset on the market for sale. Our exposure efforts included email marketing, social media, and online listing advertisements.
Our sales associates also presented this offering to their buyer pool and existing relationships.
Our President, Ron Koenigsberg, advised the seller on the best terms to accept. The best offer came from a local real estate investor who owns additional commercial properties in Queens.
Result:
The seller accepted the $3,640,000 offer. American Investment Properties successfully represented both sides of this transaction. Ron Koenigsberg represented the seller and Dan Castellano represented the buyer.
Price: $3,640,000/ PSF: $220
View more of our sold properties here.
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