St. James, NY According to Jack Jawdat of New York Commercial Real Estate (NYCRE), a 2,500 s/f building has been sold at 215 Lake Ave. This exclusive listing by NYCRE was purchased by a medical group who are planning on expanding the building and opening a cancer rehabilitation center at thelocation.
“This location was looked at by CVS, but the residents of the town were not in favor of bringing in such a large corporation, and the traffic that comes with it,” said Jawdat. “We then had to consider other avenues and we couldn’t be happier with the final outcome.”
What was considered an unsellable commercial property now has a new owner. The final sale price was not disclosed.
When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.