LichtensteinRE has procured a Rare 4% Fixed Rate Interest; Only 15 Year Seller’s PM Private Money First Mortgage for the Buyer.
LichtensteinRE Has Sold a Shopping Center in Congers, NY for $4,000,000
New York, NY, January 13, 2021 –(PR.com)– LichtensteinRE.com, as seller’s exclusive broker, has just sold Congers Colonial Plaza Shopping Center located at 285 North Route 303 in Congers, Rockland County, New York, 10920. The sales price was $4,000,000.
Andrew Lichtenstein, principal broker negotiated and procured a 4% fixed low rate interest only 60% $2,400,000 loan to purchase price PM private money seller first mortgage. The buyer invested $1,600,000 from his 1031 exchange.
The Gross Annual Income now at closing could be as high as $487,610 NOI could be as high as $231,466 equating to a 5.8% cap rate. After seller financing NOIADS could be $135,466 = 8% initial return on investment. This translates into a whopping 16% Return on Equity when factoring in depreciation tax benefits.
This well maintained and highly trafficked brick shopping center was recently built in 1997, contains 15 Retail Stores ranging from 1,200 to 11,000 square feet, plus 9 interior enclosed garage/warehouse/storage spaces with 6.5’ overhead doors in the rear of building consisting of 1,250+/- and 2,500+/- square foot units. At closing day, the shopping center was 67% occupied and 33% vacant.
The retail spaces represent 40,811 Square Feet of Usable Rentable Square Feet divided into 29,561 square feet of stores and 10,800 square feet of garage/warehouse/storage spaces. The lot size is 121,968 Square Feet = 2.8 Acres.
Located on a very desirable busy Route 303, where about 12,000 cars pass daily, the shopping center benefits from great roadway visibility. The property is right near the intersection of Routes 303 and 9W and has direct access to Palisades Parkway, Route 304, Route 9W and the New York State Thruway. These retail stores are actively visited by the 27,000+ people living within a three-mile radius and almost 100,000 people living within a five mile radius of the property. Adding to its value, the shopping center is located in wealthy Congers, with an estimated Median Household Income of $105,273. Finally, the property is the only shopping center located among numerous residential communities, large office and industrial buildings, guaranteeing success for the restaurants and takeout food establishments in this strip center, as they provide food for the workers and residents.
“This shopping center is a unique opportunity for a savvy investor who can capitalize on all the above market conditions, as there is a real need for shopping at this valuable location. The buyer will take advantage of the well to do demographics and the lack of retail competition. This represents a great opportunity for a buyer to enjoy immediate high return on investment plus for a buyer who can manage this center more efficiently the upside potential is great,” said Andrew Lichtenstein, the property seller’s exclusive broker.
Congers is a suburban town only 19 miles north of New York City’s boundary and only 43 minutes by car drive from Manhattan. It is located in Rockland County in the municipality and school districts of Clarkstown. 91% of Congers habitants have graduated high school or higher and the Median Housing Value is $443,900.
The property was being marketed exclusively by Andrew Lichtenstein, Inc., dba LichtensteinRE.com has been actively selling multifamily and commercial real estate for its clients in and around New York City, including a recent $6,000,000 sale of a multifamily property in nearby Haverstraw, NY.
“LichtensteinRE.com was able to successfully see this deal to completion, even though at the time of negotiating this sale, it was not only the middle of the worst pandemic of the last hundred years, there was also the highest unemployment rate since the great depression with 22 million Americans having lost their jobs,” says Andrew Lichtenstein, who exclusively represents the seller.
“Even in this ‘tough’ new real estate market, we are not only still doing business, but we just closed the sale of four buildings in Mount Vernon Westchester County and master leased and got five buildings in the Bronx into contract and we have multiple properties with contracts out for signature, and closings coming up. I look forward to representing other owners and buyers in this challenging time and in the future when we return to normalcy,” says Andrew Lichtenstein.
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.