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Posted: December 3, 2007
A Brokers Dream
It was my lucky day. I received a call from an elderly gentleman asking me to represent him exclusively on the sale of his medical building in Nassau County.
The owner was retiring to Fisher Island in Florida and his accountant recommended that he should hold the 1st mortgage with only 20% down.
I asked the seller where the property was located and he replied it was on Northern Boulevard in Great Neck across from a new assisted living complex.
The building was 50,000 ft., built in the 90's, 100% occupied with an 8 to 1 parking ratio and a full basement.
The seller told me that the tenants always paid like clockwork and all leases were triple net, with 5% increases annually.
The net income was $1 million and the seller was looking for $10 million.
I informed the seller that the asking price was too low but he replied he wanted to leave something on the table for the next buyer.
The seller requested I overnight him my exclusive 6 month agreement.
I asked him what he felt comfortable in paying me. He replied 7%, then I woke up.
Ron Kleinberg is a co-president of Tri-State Properties, Dix Hills, New York
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