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LI RETAIL GOES FOR $36M

New York
New York
February 05, 2009 Bisnow
LI RETAIL GOES FOR $36M
LI RETAIL GOES FOR $36M
Here’s a number you don’t see often now: $36M, the recent sale price of the 132k-SF Voice Road Plaza retail center in Carle Place, Long Island. Sperry Van Ness advisors Joseph French and Neil Golub tell us that wasn’t an easy sell; a competitor previously marketing it had been unable to achieve a number acceptable to the seller. SVN’s White Plains office took on the listing in April, marketing it to a wider investor and brokerage base, resulting in 15 offers—most of whom couldn’t pay the cash needed. But Florida’s Double-Click Realty referred the buyer: a Bronx apartment owner who wanted out and had the right amount for a 1031.
LI RETAIL GOES FOR $36M
Maybe they’re lucky, but don't discount the market. There’s 5M SF of retail within two miles, including Roosevelt Field, they say. Nassau is the 10th-richest county in the US, with a $100k average household income. And most retail investors are long-term holders, so the barriers to entry are high. But Joseph and Neil still can’t breathe easy: their company recently created SVN ART, an asset recovery team focusing on distress. They don’t get much sleep, but we hear their new Westchester Financial Center office is comfy.

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