January 17th, 2023 – Valley Stream, NY American Investment Properties (AIP) was exclusively retained to sell the 7,308 s/f two-story office building at 550 W Merrick Rd. The office property was 25% vacant at the time of sale. Initially, potential buyers expressed interest in occupying the property but required more space than what was available soon. The remaining spaces were leased with two to four years remaining on their terms.
The multi-year leases of the other spaces meant AIP had to target its marketing to investors seeking a value-add deal, not owner-users.
November 8th, 2022 – East Northport, NY – American Investment Properties (AIP) was exclusively retained to sell 2 Larkfield Rd. The mixed-use building totals almost 10,000 s/f and is located next to the Northport train station.
There were 60% of tenants with leases expiring within a year’s time. AIP knew they had to find an all-cash buyer to achieve the ideal sale, since the expiring rent roll made it difficult for lenders to provide financing.
The property is 50 percent occupied and the sale price equates to a 5.82 percent cap rate. Ron Koenigsberg of American Investment Properties represented the buyer, as well as the seller, Sandra Stuart Properties LLC, in the sales transaction.