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Hildreth Real Estate Advisors Acquires Retail Center In Long Island For $1.7M

908 Straight Path
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This Retail property located in NY was sold for $1,735,000 over 2 years ago. The broker of the deal was Desmond Mullins

A retail center located at 908 Straight Path in Long Island has been sold in a recent transaction. The property, spanning 9,650 square feet, was acquired by Hildreth Real Estate Advisors for a sale price of $1,735,000, resulting in a price per square foot of $179. The buyer was represented by David Shorenstein, Jason Breitstone, Max Padway, and Yair Sarraf from Hildreth Real Estate Advisors. The seller of the property was Vincent Zito. The transaction was facilitated by broker Desmond Mullins from Industry One.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $1,735,000
  • Address: 908 Straight Path, Long Island
  • Market: Long Island
  • Buyer: Hildreth Real Estate Advisors - David Shorenstein, Jason Breitstone, Max Padway, and Yair Sarraf
  • Seller: Vincent Zito
  • Broker: Desmond Mullins - Industry One
  • Square Footage: 9,650
  • Price per Square Foot: $179

Hildreth Real Estate Advisors, represented by David Shorenstein, Jason Breitstone, Max Padway, and Yair Sarraf, purchased the retail center at 908 Straight Path. The going-in cap rate for the asset is projected to be 7% or higher, with a projected stabilization cap rate of 10% or higher upon minimal lease-up. This acquisition aligns with Hildreth Real Estate Advisors' investment strategy in the retail sector.

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Deals
  • Location
    908 Straight Path, West Babylon, NY, USA908 Straight Path, West Babylon, NY, USA
  • Sale Price
    $1,735,000$1,735,000
    $179 PPSF$179 PPSF
  • Area
    9,650 SF9,650 SF
  • Asset Type
    RetailRetail
  • Parties
    1 Broker1 Broker

Agent

Desmond Mullins

Desmond Mullins

Deals2
Sold$6.9M

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Deal Summary

SALE IMAGE: Max Padway, David Shorenstein, Jason Breitstone & Yair Sarraf DATE: 10/14/2021 ADDRESS: 908 Straight Path MARKET: Long Island ASSET TYPE: Retail BUYER: Hildreth Real Estate Advisors - David Shorenstein (@ShoreShot1), Jason Breitstone (@JaBstone), Max Padway (@Max_Padway) & Yair Sarraf (@YMSRealEstate) SELLER: Vincent Zito BROKER: Desmond Mullins – Industry One SALE PRICE: $1,735,000 SF: 9,650 ~ PPSF: $179 NOTE FROM BUYER: HREA is acquiring the retail center for $180/SF at a going in 7%+ cap rate – the asset projects to stabilize at a 10%+ cap upon minimal lease-up.

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908 Straight Path

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