The property—which consists of two, six-story buildings with a total of 337 units and approximately 306,534 sf--is in close proximity to the Hempstead Train Center, LIRR Hempstead Terminal, Hofstra University and numerous major retailers. Massey Knakal Broker Greg Corbin, lead broker on the sale, would not disclose the seller to GlobeSt.com except to say that it is a "metro investor," and he did not disclose reasons for selling at this time.
Corbin says that with 337 total units, this is one of the largest apartment buildings on Long Island and that the location is "unmatched." He explains that a "sophisticated investor with experience in dealing with rent stabilized buildings," would be interested in the property.
Capital improvements have already been completed including new roofs, dual boilers, and new elevators, Corbin says, "and there is still $300,000 per year upside in legal rents." Many of the apartment kitchens are renovated, the buildings have an outdoor pool and of the 270 parking spaces available for tenants, 120 are reserved--and covered--and 150 are surface lot. Both buildings are rent stabilized, with 173 units that qualify as Section 8 housing.
Corbin says that Massey Knakal has already received "numerous bids," although the bid deadline is Sept. 12, 2008. Corbin is working along with Partner Thomas Donovan. "This investment opportunity is being offered at a time when properties of this high caliber are rarely available," Corbin says. "Prices for elevator multifamily properties have continuously increased over the past decade and they remain one of the strongest property types in the real estate market."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
