Hempstead, NY Hildreth Real Estate Advisors purchased two Long Island properties:
A downtown retail property with eight retail stores for $1.6 million. The one-story, 7,005 s/f property at 142 N. Franklin St. was constructed in 1960 and sold for $228 per s/f, or 5.8 times the current rent roll, at a 9.5% cap rate. Hildreth co-founder Jason Breitstone said they plan to perform minor capital improvements to enhance the property’s curbside appeal, while performing tenant improvement upon unit turnover. Anthony Ciafardoni represented the seller, Silber Properties. Schuckman Realty will handle all leasing and Breslin Realty will handle property management.
A two-story mixed-use brick building at 54 W. Main St. in Riverhead, the site of the former Hy Ting Restaurant. The price for the 4,843 s/f building that was built in 1922 was $475,000 and it sold for 3.7 times the current rent roll or $98 per s/f. Breitstone said they plan to re-purpose the building by renovating the ground floor retail unit and converting the upstairs into two, one-bedroom apartments, along with other cosmetic updates to the building. Ike Israel of Richmond Realty Corp., who represented the undisclosed seller, said the restaurant space and apartments will be offered for lease.
“Hildreth is evaluating opportunities to acquire additional properties in the area,” said Hildreth’s co-founder David Shorenstein. “We strongly believe that Riverhead is an up-and-coming market and the opportunity zone classifications provide substantial tax benefits for investors.”
Sign up is quick, easy, & FREE.
