American Investment Properties" width="150" height="150" /> Ron Koenigsberg, American Investment PropertiesElmont,NY Ron Koenigsberg, president of American Investment Properties has brokered the $2.06 million sale of the Elmont retail strip located at 750-768 Elmont Rd. The property consists of a mix of churches, medical offices and retail shops. This run down, outdated retail strip faced many challenges that made this particular property a hard sell to typical investors. In addition to a poor tenant mix and vacancies throughout the property, the property also had outstanding violations and tenants that did not possess Certificates of Occupancy. With these challenges at hand, American Investment Properties knew this assignment would take a substantial amount of work. This property needed a buyer, who despite the many aesthetic and functional issues, would recognize the value and be willing to pay top dollar for this promising investment.
“Once American Investment Properties obtained the listing we immediately went to work to secure the best buyer for the property. We filtered through our large database of qualified buyers to select those who we knew would see the value in this property. We also sifted through our list of cooperating brokers to ensure we covered all of our bases in attempts to secure the perfect buyer for this building. Additionally, we met with the building department and the tenants multiple times to aide in removing the violations against the building so it could be sold,” said Koenigsberg.
The property sold for $166.61 per s/f to a buyer who plans to add value by renovating the property. The buyer has plans to increase the occupancy and rents for this property.
Sign up is quick, easy, & FREE.