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LichtensteinRE Has Sold a Shopping Center in Congers, NY for $4,000,000

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.

About LichtensteinRE
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.

LichtensteinRE Just Sold and Resold a Brand New Renovated Multifamily Property in Yonkers, Westchester for $999,000 Cash

New York, NY (LichtensteinRE.com) Andrew Lichtenstein, President of LichtensteinRE, has just successfully sold and resold the property located at 56 Groshon Avenue in Yonkers, Westchester, for $999,000 all cash negotiating the price down from the original asking price of $1,175,000.

This Yonkers property is a completely renovated 5,200 residential square foot three story walk-up wood frame apartment building with Six (3.5 to 4) bedroom residential apartments plus large basement with seven storage spaces. Each tenant pays all utilities, including heat. The building contains 6 separately metered hot water heaters, 6 boilers and 7 electric meters making this investment a virtual net leased property.

Andrew Lichtenstein successfully closed the deal twice on the same day, but this was not the first time he had sold this property. Andrew sold the building three consecutive times in four years.

Andrew had previously sold the building in 2014. That year the property was in contract to be sold for $650,000 but a fire severely damaged the top floor and the fire department’s fire hoses damaged the rest, resulting in the evacuation and vacancy of the entire building. This derailed the sale and prevented the closing of that sale. Even before this accident, the property was in bad shape and rents were low. The Gross Annual Income was just $95,928. The owner at the time, Adar & Family, Inc. did not fix the property after the fire.

In 2015, Andrew Lichtenstein again exclusively marketed the property for his owner, selling it to Wall Home Improvement LLC for $400,000. Andrew Lichtenstein negotiated for his buyer the right to renovate and resell the property during the contract. Wall Improvement renovated the entire building, installing new appliances and fixtures in all units as well as a brand new roof and obtained a new certificate of occupancy. The bureaucracy, inspections and delays to obtain the c of o frustrated the developer, seller and buyer. Andrew Lichtenstein was once again exclusively engaged to sell for Wall Improvement.

After finishing the renovations, Wall Improvement rented the residential units for an average of $2,200 a month, bringing a gross annual rental income to around $158,400. This was in excess of the pre-redevelopment projection of $157,200. Net Income after expenses are projected to be as high as $121,000 annually.

LichtensteinRE sold it for the third time finally for $999,000. This last sale price represented $166,667 per unit. A Gross Rent Multiplier of 6.3. A Price per Square Foot of $192 and a Cap Rate of 12%.

“This transaction required incredible fortitude and patience. It was a most challenging and frustrating road to success. From beginning to end, including the fire, it took us five years to complete this transaction successfully,” said Andrew Lichtenstein.

The property is located between Vark Street and Herriot Street, South Broadway and Riverdale Avenue in a low income but nice section of Yonkers. The property has amazing views of the Hudson River and scenic bluffs of the NJ Palisades National Park.

Tenants have access to public transportation. The building is located less than a mile of two different Metro North Train Stations; Ludlow and Yonkers stations. The train ride from Ludlow takes only 34 minutes to Grand Central Station in Midtown Manhattan. Tenants can also commute to the city taking the Westchester Bee Line bus and transferring to either the #1 Subway Train in the Van Cortlandt Park-242 Station in The Bronx or the MTA #9. The subway station is only 3 miles away from the building.

For drivers going to Manhattan or other boroughs, it has easy access to the Saw Mill Parkway and Henry Hudson Parkway. The property is only around 25 minutes by car from to West 42nd Street in Midtown Manhattan.

Yonkers is becoming the next hip town to live in New York. New downtown and waterfront buildings, attract young professionals looking for beautiful views and easy commute. The city of Yonkers has started a marketing campaign called “Generation Yonkers” as an innovative economic development initiative created to reposition Yonkers as the next great urban frontier.

Andrew Lichtenstein benefited the title seller, the developer contract vendor and the buyer. The property was marketed exclusively by Andrew Lichtenstein who was the sole source that procured the buyers as well. LichtensteinRE has been actively selling multifamily property and setting sales records for its clients in and around New York City and Westchester County.

About LichtensteinRE
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