Syosset, NY According to Silber Investment Properties, a Long Island retail property leased to a CVS Drugstore has sold for $10.75 million.
The 15,000 s/f building on 1.2 acres at 55 Cold Spring Rd. was purchased by Park East LLC, an entity registered to a Carle Place-based real estate investment firm.
The annual rent is currently $615,000 for the triple-net lease, which is set to expire in Jan. 2026. The lease also has two, 10-year renewal options, each with 10% rent increases.
Adam Silber of Silber Investment Properties represented the buyer, while Dylan Silber of Silber Investment Properties represented the Queens-based seller 207 East 57th Street LLC in the sales transaction.