Colantonio of Schuckman Realty facilitates $4.75 million sale of 11,500 s/f building

Oceanside, NY Schuckman Realty has arranged the sale of a single tenant leased property at 3200 Long Beach Rd. The property features an 11,500 s/f building on a 26,000 s/f lot with dedicated parking, currently tenanted by an operating “The Learning Experience” which recently commenced a new 15-year lease term for the location and received a brand-new build-to-suit renovation of the property from the seller.

The sale closed on June 13^th and sold for $4.75 million at a 6.5% cap rate. Matthew Colantonio of Schuckman Realty represented the seller, a Long-Island based developer. Bronx CRE’s Anthony Mameli represented the buyer, a New York City-based 1031 buyer.

“Schuckman Realty represented the seller, who signed the lease pre-COVID and experienced both tenant and construction delays during the pandemic. Schuckman Realty’s investment sales team marketed the property as construction neared completion and as the tenant was about to take possession, and delivered a local 1031 buyer who inked a non-refundable contract and short-term closing.”