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

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.