3 mixed-use buildings in Franklin Square sell for $7.1 million
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.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
