Andrew Zambratto & Corey Gluckstal Acquire Development Site In Melville For $3.5M

Peconic Equities acquired a development site located at 1730 Walt Whitman Road in Melville, NY. The property, known as the "Newstand Deli", spans 80,000 square feet and is situated on a 1.6-acre lot. The sale price for this transaction was $3,500,000, resulting in a price per acre of $2,187,500. The site is within the sewer district and is zoned C6, allowing for various as-of-right uses such as self-storage and mixed-use with multi-family. The buyer, Andrew Zambratto and Corey Gluckstal, negotiated a two-year sale-leaseback agreement at a 7.3% cap rate. Notably, the Town Supervisor is currently considering a re-zoning of the Route 110 corridor, potentially enabling expanded retail and residential development in the area.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $3,500,000
• Acre: 1.6
• PPA: $2,187,500
• Buyer: Andrew Zambratto & Corey Gluckstal
• Broker: Peconic Equities

Peconic Equities played a key role in facilitating the acquisition of the Newstand Deli development site in Melville, NY. Their expertise in the market and knowledge of the sewer district and zoning regulations allowed them to identify the potential in this property. By negotiating a sale-leaseback agreement, Zambratto and Gluckstal ensured a reliable income stream over the next two years. Furthermore, the Town Supervisor's consideration of re-zoning in the Route 110 corridor presents an exciting opportunity for future development and growth in the area.