Koenigsberg of AIP sells 5,098 s/f mixed-use building for $1.285 million; Represents buyer, 55 Wall Street Realty, and seller, MKJK

Port Washington, NY American Investment Properties Inc. (AIP) has arranged the all-cash sale of a 5,098 s/f mixed-use building that houses a  restaurant for $1.285 million.

The property, 294 Main St., which houses La Petite Framboise French bistro and two, two-bedroom apartments, was sold by 55 Wall Street Realty Inc., an affiliate of Huntington-based Restar Hospitality Group to MKJK LLC, of Garden City Restar has operated a restaurant at the location since 1991 and changed the name from Pomodoro to La Petite Framboise in 2009.

AIP president Ron Koenigsberg, who represented the seller and the buyer, said selling the property represented a marketing challenge despite its prominent location and the fact that it was 100% leased. Prospective buyers were concerned that Restar would not continue to occupy the retail space, he said, noting that the restaurant plans to remain at the location and that the buyer plans to operate the property without changes.

The transaction amounted to $252.05 per s/f and provided the buyer with a cap rate – the return based on the price paid and income from rents—of 6.84%.