Cushman & Wakefield today announced that the firm has arranged the sale of a 25,923-square-foot apartment building located at 651 Front Street in Hempstead, Nassau County, Long Island. The final closing price was $3,050,000.
A Cushman & Wakefield team consisting of Senior Managing Director Stephen R. Preuss and Senior Associate Kevin Louie represented the seller in the transaction.
“651 Front Street presented a great opportunity to purchase a fully-leased property with tremendous upside potential,” said Stephen R. Preuss ofCushman & Wakefield. “We have recently seen an increase in demand and activity in Hempstead due to low vacancy rates and high capitalization rates.”
The fully-leased, elevator-serviced apartment building consists of 22 residential units. Eighteen of the units are two-bedroom, two bathrooms and the remainder of the units have one-bedroom, one bathroom. The property’s apartments, common areas, boiler, and roof have all been recently renovated and many of the units have balconies. Currently, rents are approximately 35% below market rate and all units are rent stabilized, except for multiple non-profit tenants, who are temporarily exempt from market stabilization.
The property is conveniently located near the Hempstead LIRR Train Station as well as the Mineola Train Station. In addition, 651 Front Street is within minutes from the Meadowbrook State Parkway. The property is also in close proximity to various retail shopping options including the newly renovated Roosevelt Field Mall, The Gallery at Westbury Plaza, The Mall at the Source, and various other nearby national brand retailers. Nassau Community College and Hofstra University are also easily accessible from the property. stern
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
