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1100 Old Country Rd, Plainv...

U Park Green Building Inc. Acquires Office Building In Plainview, NY For $1.75M
SOLDOffice

U Park Green Building Inc. Acquires Office Building In Plainview, NY For $1.75M

1100 Old Country Rd, Plainview, NY, USA

$1,750,000

$250/SF

Building Size

7,000 SF

Asset Type

Office

Closing

Jul 9, 2021

AI

The former Chase Bank Branch located at 1100 Old Country Road, Plainview, NY has been sold for $1.75 million. The buyer, U Park Green Building Inc., acquired the 7,000 square foot office building on 0.75 acres of land for the future development of the Museum of Food Art (MOFA).

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $1,750,000
  • Address: 1100 Old Country Rd.
  • Market: Plainview, NY

The Museum of Food Art (MOFA) aims to promote the study and appreciation of various forms of food art, including artisan craft design of food ware and still life fine art with food and drink. As a non-profit organization, MOFA will offer interactive exhibits where participants can learn about the nutritional qualities of food and create gourmet presentations for themselves.

MOFA's mission goes beyond educating about food; it also aims to explore and honor the origin and presentation of food throughout history, showcasing its beauty and highlighting the connection between food and art for the betterment of mental and physical health.

Lorraine O'Hara, Patricia Posillico, and Aric Schachner of CAMCO Commercial Real Estate LLC represented the seller, Realty Three, in the transaction.

Players

Lorraine O’Hara

Broker

$1.8M

vol

1 deal

Broker

Charlie Lefkowitz

Realty Three

Seller

$129.1M

vol

8 deals

Seller

Plainview Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

9.06%

Cash-on-Cash

-2.59%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93