Koenigsberg of AIP arranges sale of 11,725 s/f property for $1 million with Posillico of Alliance Real Estate

Floral Park, NY American Investment Properties Inc. (AIP) arranged the all-cash sale of a 11,725 s/f property for $1 million.

Ron Koenigsberg,
American Investment Properties Inc.

Frank Posillico,
Alliance Real Estate Corp.

266 Jericho Tpke. houses two stores and several small offices, was sold by 266 Jericho Tpke. Corp. to 266 Jericho Realty LLC. The price amounted to $85 per s/f.

AIP president Ron Koenigsberg, represented the seller, and Frank Posillico, of Alliance Real Estate Corp., represented the buyer, who plans to renovate the property.

“The property represented a marketing challenge because it needed repairs, all of the occupied spaces were rented on a month-to-month basis without leases and the seller required a buyer who could purchase the property and renovate it without financing,” said Koenigsberg.

Tags: Brokerage

Reprint

Previous Story Next Story

Dogtopia joins growing tenant mix at Brunswick Shopping Center

North Brunswick, NJ Dogtopia, a leading provider of dog daycare, boarding and spa services, has signed a lease to open a new 5,081 s/f location at Brunswick Shopping Center. The new location further

GFP Real Estate signs 5,082 s/f of leasing activity at 630 Ninth Ave.

GFP signs 5,082 s/f of leases at 630 Ninth Ave.

Lee & Associates NYC arranges 7,487 s/f lease on behalf of building ownership as Treeswift expands headquarters to 256 West 38th St.

Lee & Associates NYC arranges 7,487 s/f lease for Treeswift at 256 West 38th St.

Kelman Winston & Vallone PC relocates to newly built office space on the 14th floor of 520 Eighth Ave.

Kelman Winston & Vallone relocates to 520 Eighth Ave.

Lee & Associates NYC completes two direct office lease renewals totaling 11,360 s/f at 149 West 36th St.

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Movers & Milestones

Before money. Before power. There was great music. - by Joseph Aquino

Columns and Thought Leadership

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,