The property—which consists of two, six-story buildings with atotal of 337 units and approximately 306,534 sf--is in closeproximity to the Hempstead Train Center, LIRR Hempstead Terminal,Hofstra University and numerous major retailers. Massey KnakalBroker Greg Corbin, lead broker on the sale, would not disclose theseller 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 thelargest apartment buildings on Long Island and that the location is"unmatched." He explains that a "sophisticated investor withexperience in dealing with rent stabilized buildings," would beinterested in the property.
Capital improvements have already been completed including newroofs, dual boilers, and new elevators, Corbin says, "and there isstill $300,000 per year upside in legal rents." Many of theapartment kitchens are renovated, the buildings have an outdoorpool and of the 270 parking spaces available for tenants, 120 arereserved--and covered--and 150 are surface lot. Both buildings arerent stabilized, with 173 units that qualify as Section 8housing.
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