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Brokerage
Posted: June 30, 2008
Michael and Frank Rao of NYCRG broker $1.975 million sale
New York Commercial Realty Group (NYCRG) has completed the sale of 141 North State Rd. for $1.975 million. The 9,000 s/f property consisting of three floors was 90% occupied at the time of the sale. This medical property was bought by 1826 Radcliff Ave. Realty Corp. in a 1031 exchange at over an 7% cap rate. The seller, 141 North State Rd. LLC advised NYCRG that they were putting the property up for sale.
Frank Rao of NYCRG said, "We had contracts out on the property within two days of hearing that ownership had interest in selling."
Michael and Frank Rao were the sole brokers in the transaction.
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