Cushman & Wakefield announced today that the firm has arranged the sale of a 37,932-square-foot elevator apartment building located at 482 Front Street in Hempstead, Long Island. The final closing price was $7,850,000, or $178,409 per unit, and closed at a 5.5% cap rate.
A Cushman & Wakefield investment sales team consisting of Director Benjamin Efraimov and Senior Associate Kevin Schmitz, represented the seller, Dirot LLC, in the transaction.
“Downtown Hempstead is currently undergoing an extensive $2.5 billion redevelopment that will include mixed-use apartments, restaurants, shops and more,” said Benjamin Efraimov of Cushman & Wakefield. “482 Front Streetpresented the buyer with an exceptional opportunity to invest in a fully-leased property in a rapidly growing area.”
The 37,932-square-foot elevator-serviced apartment building, known as The Phillips House, contains three stories and 44 units. The Phillips House is fully leased and features 30 one-bedroom apartments, 10 studio apartments and four two-bedroom apartments. Further, the building includes 31 rent-stabilized apartments, and 13 free market units. The property offers a large on-site parking lot, laundry room, and recent improvements including a new boiler.
Located on the northwest corner of Front Street and William Street, the property is walking distance from the Hempstead LIRR Station. Additionally, the property is in close proximity to the Hempstead Village Commons, Hofstra University, Adelphi University and the Roosevelt Field Mall.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
