Allstate Insurance Company Acquires Mixed-Use Property In West Hempstead For $1.8M With Seller's Rep Tom Bigansky
221 Hempstead Turnpike
$1,800,000
$173/SF
Building Size
10,400 SF
Asset Type
Mixed-use
Closing
Jul 27, 2026
About this deal
AI
The mixed-use property located at 221 Hempstead Turnpike in West Hempstead has a sale price of $1,800,000. The asset spans 10,400 square feet, translating to a price per square foot of $173. It was noted that the property had over 60% vacancy, negative cash flow, and significant deferred maintenance, with the 6,500 square feet of vacant space requiring a full build-out. The building itself needed a top-to-bottom renovation after years of deferred capital improvements.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $1,800,000
- Buyer: Allstate Insurance Company
- Seller: Mansor Mirza
- Seller's Representative: Tom Bigansky - North Village Realty
- Square Footage: 10,400
- Price per Square Foot: $173
The transaction reflects an owner/user opportunity for a buyer with the vision and capital to reposition the asset. Tom Bigansky represented the seller in this deal, facilitating the transaction amidst the property's challenges.
West Hempstead Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.81%
Cash-on-Cash
-2.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93