Dorman and Syage of Hunt rep. buyer and seller in $2 million sale of 18,000 s/f industrial building in Farmingdale

December 19, 2017 - Front Section

Farmingdale, NY According to Hunt Corporate Services, Inc., QB Trading Inc. (Brooklyn) has purchased the 18,000 s/f industrial building at 127 Allen Blvd. Andy Dorman of Hunt represented the seller, Sallab Properties, Inc. Chuck Syage of Hunt represented the buyer. The purchase price was $2 million ($112 per s/f). 

“The seller was not utilizing this warehouse to its fullest capacity,” said Dorman. “So he decided it was time to take advantage of the region’s bull market for industrial properties.” 

Andy Dorman,
Hunt Corporate Services, Inc.

 

Chuck Syage,
Hunt Corporate Services, Inc.

 

In 12 months, warehouse sale prices in the area have increased by 15 to 20%, according to CoStar, a commercial real estate database service provider. 

“The building is unique because it stretches, front to back, an entire block from Allen Blvd. to Marine St., with entrances on each street,” Dorman said. “This makes it easy for the buyer, if he decides not to use the whole property himself, to bring in an additional tenant.”

The buyer is a wholesale supplier of ladies and men’s fashions. They are relocating their operation from Brooklyn. “QB Trading was looking to escape the high rents of Brooklyn, and after a long search landed on this Farmingdale location,” said Syage.

Hunt Corporate Services, Inc. specializes in exclusively representing clients for the acquisition or disposition of commercial real estate. Hunt Construction Services, Inc. provides general contracting, construction management and maintenance services for Long Island companies.

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