Massey Knakal Sells Citibank Retail And Office Building In Bay Shore
A Citibank leased building at77 East Main Street, located on the corner of East Main Street and Montauk Highway in Bay Shore, Long Island, was sold in an all-cash transaction valued at $1,475,000.
The corner building, which consists of two floors plus a mezzanine level, is approximately 8,500 square feet. The building boasts impressive grand architecture of the 1940s, and includes an elevator, a parking lot with 20+ spaces, and a drive-thru service window in the rear. Citibank leases the first floor, mezzanine level and basement through the year 2052. This Citibank location is one of their busiest branches on Long Island showing over $369,000,000 in deposits. The second floor, which is approximately 2,500 square feet is vacant, and would be suitable for a professional office space. The sale price equates to $173 per square foot and a 7% Capitalization Rate.
This property, located in the heart of Bay Shore Village, is conveniently located across the street from the main Bay Shore Post Office, and just blocks from the LIJ Southside Hospital.
“There is real demand for quality cash-flowing assets which was evident by the high amount of interest we received for this property,” said Massey Knakal First Vice President of Sales Stephen R. Preuss, who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.