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Allon Avgi And Ariel Shalom Purchase Development Site In Patchogue From Ira Miller For $3.8M

Property Image
SOLD
$3,800,000
Michael Murphy
Michael Gronenthal

New York

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Development Site95,832 SF
Sold 08/22/2024
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Property Image
SOLD

Allon Avgi And Ariel Shalom Purchase Development Site In Patchogue From Ira Miller For $3.8M

128 West Avenue

See Similar Deals
Development Site95,832 SF
Sold 08/22/2024
Michael Murphy
Michael Gronenthal
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$39
Total Square Footage:95,832 SF
Transaction Type:Sale

The property asset involved in this transaction is a development site located at 138 West Avenue in Patchogue. The site is sold for $3,800,000, covering a building square footage (BSF) of 125,000 with a price per building square foot (PPBSF) of $30. The total square footage (SF) is 95,832, with a price per square foot (PPSF) of $39.

Summary of transaction details:

The proposed facility will consist of a 116-room Hilton Hotel situated along the riverfront in Patchogue. The development will include 16 apartments, large event spaces, a spacious gym, and a rooftop restaurant and bar that features a 3,000-square-foot outdoor seating area.

Players

Michael Gronenthal
Douglas Elliman
Michael Gronenthal
38 deals$106.7M volume(516) 439-6789
BROKER
Michael Murphy
Douglas Elliman
Michael Murphy
23 deals$94.4M volume(631) 858-2460
BROKER

Details

SOLD
IMAGE: Michael Murphy, Allon Avgi, Ariel Shalom & Michael Gronenthal DATE: 08/22/2024 ADDRESS: 138 West Avenue MARKET: Patchogue ASSET TYPE: Development Site BUYER: Allon Avgi (@AllonAvgi ) & Ariel Shalom (@Ariel0794) SELLER: Ira Miller BUYER'S REP: Michael Murphy (@MurfCommercialRE) & Michael Gronenthal (@Michael.Gronenthal) - Douglas Elliman (@DouglasElliman) (@DouglasEllimanCommercialli) SALE PRICE: $3,800,000 BSF: 125,000 ~ PPBSF: $30 SF: 95,832 ~ PPSF: $39 NOTE FROM BROKER: 116-Room Hilton Hotel on the riverfront in Patchogue. The proposed five-floor facility at 138 West Ave. includes 16 apartments, large event spaces, a spacious gym and a rooftop restaurant and bar featuring a 3,000-square-foot outdoor seating area. Visit the projects website below! https://jm2architecture.com/patchogue-hotel/

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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