What is the current state of the Long Island commercial real estate market?

What is the state of the current Long Island commercial real estate market? Who better to ask than the people who are immersed in the market seven days a week, 365 days a year? American Investment Properties is one of Long Island's premiere brokerages. Our most recent transactions have contributed to the overall view of the current market. Our most recent deals have transcended current market conditions and have proven that a good broker can overcome economical factors. In recent months, commercial properties in Nassau County have been selling at an average price per s/f of $180. For most brokers, this number would be an indication of where the market is and where it's headed. In real estate, market conditions change often but one constant remains, having a dedicated broker working for you is crucial. I recently exclusively represented the sale of the Rachel's Shopping Center in Syosset. The near record setting price of $485 per s/f amounted to a sale price of $3.275 million. My exclusive on the property allowed me to find exactly what the seller was looking for. Often, sellers are reluctant to give out exclusives, however this transaction clearly shows the results an exclusive with the right broker can produce. It is crucial to a seller to be able to depend upon on their broker, allowing for remarkable results. The shopping center located at 55-69 Berry Hill Rd. is located directly next door to the Mim's shopping center which I brokered in 1998. Being familiar with local markets is another key aspect of making a significant deal. This particular property is located on the "Gold Coast" of Long Island's North Shore. The Rachel's Shopping Center features ample parking in the front of the property. The shopping is a newly constructed 6,748 s/f center featuring seven tenants paying an average rent of $38 per s/f. The West Village Green Shopping center located in Hicksville was recently negotiated by Stuart Frankel, director of sales and myself. The 6,700 s/f property was sold for $2.1 million, or an equivalent of $313 per s/f. The price per s/f drastically surpassed the current average price per s/f for comparable properties on Long Island. This particular center is comprised of several tenants including a laundromat, deli, Chinese restaurant, pizzeria, and a restaurant/pub. West Village Green sold at a 7.10% capitalization rate when the seller, a Long Island real estate owner turned over the deed to a New York City-based businessman. A third deal I recently brokered is the sale of Kikkert Plaza in Island Park. The property was on the market for an extensive period of time; however American had exclusive representation rights. I was able to market the property to prospective buyers through my understanding and expertise of Long Island's local markets. It was worth the wait, the property was sold for $1.05 million at a remarkable capitalization rate of 5.4%. The property is located on Long Beach Rd., just off of Lido Blvd. The Island Park strip center was purchased by a New York City-based investor who purchased this property as a 1031 tax-free exchange. The seller is a local developer and real estate owner. This exclusive opportunity allowed my team and me to vigorously market and negotiate the sale of 371-387 Long Beach Rd. with the best possible outcome for both the buyer and seller. These recent transactions are counter indicative of current market conditions. The properties found on Long Island are attractive to investors for their location, tenancy and investment return value. Optimism and notable activity are creating a bright future for Long Island's commercial real estate market. In addition, the importance of an exclusive can be noted. It creates more options for the seller and gives the broker the capability to effectively market the property. My firm and I are maintaining success through creativity, and gaining the respect of their clients through exclusive opportunities. American Investment Properties, located at 600 Old Country Rd. in Garden City has sold several hundred million dollars of investment properties including triple-net lease properties, office buildings, shopping centers, and strip centers. Ron Koenigsberg is the president of American Investment Properties, Garden City, N.Y.