Koenigsberg of American Investment Properties brokers $1.1 million sale

680 Central Avenue - Cedarhurst, NY

American Investment Properties" width="150" height="150" /> Ron Koenigsberg, American Investment Properties

Cedarhurst, NY American Investment Properties teamed up with Pugatch Realty Corp. in the sale of 680 Central Ave. The buyer’s office is located in proximity to the property which makes it easier for them to manage and fits well into their portfolio. The vacant retail store sold for $1.1 million.

There were challenges in the sale of the retail store. The 6,000 s/f retail property was to be delivered to its new owner vacant. Most buyers of investment properties are looking for a steady and safe return on their investments. However, long-term tenant, Denny’s Children’s Wear, informed the seller that they were vacating this location by the end of the 2015 calendar year. This presented a challenge of trying to find a buyer who was willing to assume the leasing risk knowing they would have to find a replacement tenant.

“After receiving the exclusive agreement, we at American Investment Properties began combing through our large database of buyers. Additionally, we took the step of contacting fellow brokerage firms that we have forged relationships with over the years. Our greatest priority at American Investment Properties is to get our seller the best and highest price, even if that means splitting our commission with another firm,” said Ron Koenigsberg, president of American Investment Properties, who arranged the deal.