
Mineola, NY Paul Fetscher CCIM, president of Great American Brokerage, has completed the sale of Jericho Terrace, located at 249 Jericho Tpke.
Jericho Terrace is a 40,000 s/f function and catering facility. It can accommodate up to four functions or weddings at the same time. The transaction was from a second generation caterer, Christopher Leone to Mickey King whose family owns Anton’s in Queens Village.
The property was co-listed by Great American Brokerage and Windsor Commercial Real Estate. The buyer was represented by Great American Brokerage.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,