Lake George, NY Muroff Hospitality Group negotiated the sale of the A&W All American Food; 2208 US-9. This drive-in restaurant has been a family-friendly mainstay since 1959.
The seller was C.K.H.S.W., Corp. and Wayne Pelak and the buyer was HYAB LLC and Hao Yang. Mitch Muroff of Muroff Hospitality Group represented the seller in this exclusive listing.
The sales price was $605,000 and the transaction closed on Tuesday, May 9.
This was the second time this property has been sold in the last two years, as Pelak has decided to retire.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,