News: Long Island

ERG Commercial Real Estate closes on vacant lot at 681 West Jericho Tpke.

Huntington, NY ERG Commercial Real Estate negotiated the $1.22 million sale of a vacant lot at 681 West Jericho Tpke. The buyer was Connection Auto Sales which is planning to move the business from its present location (529 E Jericho Tpke.) to this location.

Ryan Lewis, managing director at ERG Commercial Real Estate, represented both the buyer and the seller.

The 40,000 s/f vacant lot consists of four adjoining lots with almost 200 ft. of frontage. The property is located west of one of Long Island’s retail corners of Jericho Tpke. and Rte. 110 as well as a short distance to Huntington Village. The property also has access to main transportation such as Northern Pkwy., Rte. 135 and the Long Island Expwy.

“The property has been in the seller’s family as a used car lot for decades,” said Lewis. “Given the location, frontage, and scarcity to find a lot of this size on Jericho Turnpike, it was a great opportunity for the buyer to move his business to continue that same use that has been so successful for years."

MORE FROM Long Island

Suffolk County IDA supports expansion of A&Z Pharmaceuticals

Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has granted preliminary approval of a financial incentive package that will assist a manufacturer in expanding its business by manufacturing more prescription (Rx) pharmaceuticals in addition to its existing over-the-counter
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.