Challenge:
American Investment Properties was retained to sell the former HAB Bank located at 112-19 Liberty Ave in Richmond Hill, New York. The building totals 2,960 square feet and is located on a signalized intersection.
A major challenge we faced with this property was that there was a frivolous law suit involving the previous owner. It took over a year and a half to sell this property and because of this, it was difficult for us to keep the buyer and the seller engaged in the deal.
Additionally, the building was originally leased with HAB Bank as the tenant when we obtained this listing. Over the course of advertising this property, the bank vacated the building. Our task was finding a business owner that saw potential in this location.
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 plans to use the property as a medical building.
Result:
The seller accepted the $2,300,000 offer. American Investment Properties successfully represented the seller in this transaction.
- Sold Price: $2,300,000
- Price PSF: $777
View more of our sold properties here.
Thinking About Selling Your Commercial Property?
Our team can provide you with a complimentary property evaluation. This 30+ page report includes financial analysis, sales comps, demographics, strategic marketing plan and more on your property.
Request your confidential property evaluation today.
