LichtensteinRE Retained as Exclusive Broker to Sell Brooklyn Two Net Leased Retail Condominium Properties that Require Little or No Expense to Buyer.
Riverdale, New York. (December 28th, 2015) LichtensteinRE has been retained on an exclusive basis to sell two Brooklyn 100% rented retail condominiums located at 105 Kings Highway in the Gravesend/Bensonhurst Section of Brooklyn. The asking price is $4,199,999 but at all offers are invited.
The Retail Units consist of a Medical Radiology Office and a School/Child Day Care containing a total of 8,500 Square Feet, located on the ground floor of a class “A” top quality condominium building built in 2003. These Net lease income properties require little or no expenses to Buyer. The rents rise annually at 3% a year and 421A Tax Abatement is preserved for 5 more years. The lucky buyer should receive a 7% True Cash On Cash Return On Equity Investment (ROE). The scheduled Gross Income for 2016 is $226,212 and the Effective Gross Income is $212,913 this year.
The first retail condominium is leased to a radiology center occupying 3,156 sf of space. This successful center offers general digital services like Cat scan, MRI, CR (digital X-ray) and women services like bone density testing and ultrasounds.
The second condominium is leased to the Brooklyn branch of a Montessori School/ Day Care occupying 5,293 square feet.
The Building is located on a very desirable street near shopping, a public library, public and private schools and the Seth Lower Playground/Bealin Square with playgrounds, basketball and handball courts. Additionally, the properties are walking distance to the F and D subway lines and surrounded by public transportation on Bay Parkway and Stillwell Avenue. Finally, the properties have easy access to the Belt Parkway.
Like all Brooklyn, the neighborhood is experiencing a real estate boom. ”The Borough has become the “darling” of New York City. In the past, New Yorkers came to Brooklyn because Manhattan was too expensive to afford, but now people come here as a principal destination,” said Andrew Lichtenstein. LichtensteinRE has negotiated preapproval of 3.75% fixed rate mortgage financing with one bank lender offering $2,400,000 another offering $2,500,000.
The property is being marketed exclusively by Andrew Lichtenstein, Inc. LichtensteinRE has been actively selling multifamily, mixed use and retail property for its clients in and around New York City.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at (800) 242-9888 or AL@LichtensteinRE.com