Northport, NY According to Ron Koenigsberg of American Investment Properties, (AIP) the firm completed the sale of an office building located at 700 Fort Salonga Rd.
The property traded for $1.05 million.
The building had a high vacancy and the owner preferred to sell the asset so they could focus on other ventures. In addition to the vacancy challenges, the COVID-19 pandemic made securing bank financing even more challenging in this climate.
According to AIP, they first met the seller to discuss the sale of the property and at the time they were not ready to list. However, the seller had a great experience with AIP the first time, and ultimately decided to have AIP broker the sale of their building.
AIP obtained the exclusive listing for 700 Fort Salonga Rd. and began marketing the listing. Given that the building contained 3,600 s/f of office space with a 62% vacancy, AIP knew the ideal buyer would be an owner-user. Finding the perfect owner-user required an all-in approach. They marketed the property to their database of buyers through email campaigns, close contacts and also leveraged their leasing potential to attract tenants to the space.
At the end, they worked with a cooperating broker to attract the ideal buyer. The buyers were an accounting firm who looked to occupy the whole building. However, they needed financing and the Coronavirus pandemic created skepticism for banks to fund deals at the time.
They didn’t let that obstacle stand in the way of getting a deal done. They leveraged their strong banking relationships and successfully secured financing for the buyer.
After months of hard work and during economic uncertainty, they closed on the sale, which sold for for $1.05 million or $291.66 per s/f.