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

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:

• Property Type: Development Site
• Transaction Amount: $3,800,000
• Address: 138 West Avenue
• Market: Patchogue
• Buyer: Allon Avgi & Ariel Shalom
• Seller: Ira Miller
• Buyer's Representatives: Michael Murphy & Michael Gronenthal - Douglas Elliman

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.