675 Hempstead Turnpike, Franklin Square, NY
Roger Delisle of Island Associates, seller’s broker, along with Will Carr of Douglas Elliman, purchaser’s broker, negotiated and closed the purchase and sale of the property located at 675 Hempstead Tpke., for a purchase price of $2.05 million.
The 7,200 s/f building on one third of an acre will be developed into a retail banking location for Investors Bank.
The closing occurred in mid October and development of the property will begin this fall.
The seller will be completing a 1031 tax deferred exchange and purchase a new investment property. The site offers access at a light across from Walgreens.
1825 Brentwood Road, Brentwood, NY
Island Associates Real Estate Inc. has extended a new lease at 1825 Brentwood Rd. to NY Variety, consisting of furniture, home furnishings and household products. NY Variety occupies 11,000 s/f at this location joining Rite Aid, Suffolk County Health Faculty, Checkers Hamburgers and Compare Supermarket. Aggregate rental exceeds $2.5 million. Roger Delisle, Jr., managing director of Island Associates exclusively represented landlord and tenant.
The firm provides a full range of services for institutions, investors, developers, retailers and owners of commercial, retail and multifamily properties. They believe superior management is the cornerstone of a property’s competitive stand and long term value. Their commercial brokerage and management team offers extensive experience with the operational, marketing, tenant representation and financial expertise to increase profitability and to add value to the properties they manage. They have managed in excess of 1.9 million s/f of commercial space throughout the New York metro area, servicing over 750 retail, office and residential tenants. Providing management services, Island Associates brings all traditional elements of responsible property management along with the added attention that only an owner-operated real estate company can offer. The firm is uniquely structured to provide specialized expertise through a team approach that generates outstanding result. Any one of their commercial brokers can discuss your property development needs or your future business locations. The Long Island commercial real estate market can pose many challenges for both expanding local businesses and new market entrants.