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3 mixed-use buildings in Franklin Square sell for $7.1 million

American Investment Properties brokered the sale of three

American Investment Properties brokered the sale of three buildings in downtown Franklin Square. Credit: Valerie Brutus

Three adjacent mixed-use buildings in Franklin Square have been sold for $7.1 million, the brokerage that handled the sale said.

The properties, at 4-18 New Hyde Park Rd. and 942 and 966 Hempstead Turnpike, total 41,000 square feet, and include 15 retail stores, 19 apartment units and a small catering hall. The sale price breaks down to roughly $174 per square foot, according to a release from American Investment Properties Inc., the Garden City brokerage.

The properties, previously owned by the owners of a nearby State Farm insurance office and the Custom Monogram Shoppe in Franklin Square, were purchased by Forest Hills-based Nu-Place Realty LLC, a real estate investment firm specializing in co-ops and condominiums.

“The challenge in selling these properties was finding an investor who was interested in a management-intensive property due to the large number of tenants and multiple buildings,” Ron Koenigsberg, president of American Investment Properties, said in a statement.

Koenigsberg represented both the buyer and seller in the deal.

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