Floral Park, NY American Investment Properties Inc. (AIP) arranged the all-cash sale of a 11,725 s/f property for $1 million.
266 Jericho Tpke. houses two stores and several small offices, was sold by 266 Jericho Tpke. Corp. to 266 Jericho Realty LLC. The price amounted to $85 per s/f.
AIP president Ron Koenigsberg, represented the seller, and Frank Posillico, of Alliance Real Estate Corp., represented the buyer, who plans to renovate the property.
“The property represented a marketing challenge because it needed repairs, all of the occupied spaces were rented on a month-to-month basis without leases and the seller required a buyer who could purchase the property and renovate it without financing,” said Koenigsberg.