Challenge:
American Investment Properties was exclusively retained to sell this office and warehouse property in New Hyde Park. The major challenges with this sale were the vacancies, tenant uncertainty, years of deferred maintenance, and high property taxes regarding this property.
We knew our ideal buyer would have to be an all-cash purchaser, because obtaining financing on this property would be difficult.
Action:
The key to completing this transaction was not only through exposure and patience but helping all parties to understand the value of the building. It was a long assignment and our team was met with many roadblocks.
However, we remained determined and ultimately Ron Koenigsberg isolated the purchaser. Our purchaser saw this investment opportunity and had available funds to pay all cash.
To get to transaction to the closing table, our seller needed legal representation. We connected the seller with one of our many real estate attorney partners, that helped them navigate through this difficult transaction.
Result:
Ron Koenigsberg, CCIM, successfully brokered the sale at $4,500,000 and a price per SF of $149.
- Sold Price: $4,500,000
- Price PSF: $149
View more of our sold properties here.
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