Allstate Insurance Company Acquires Mixed-Use Property In West Hempstead For $1.8M With Seller's Rep Tom Bigansky

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.