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David Shorenstein Jason Breitstone And Scott Ramage Acquire Retail Center In Westhampton Beach For $6.2M

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SOLD
$6,200,000

New York

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Retail25,482 SF
Sold 01/15/2025
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Property Image
SOLD

David Shorenstein Jason Breitstone And Scott Ramage Acquire Retail Center In Westhampton Beach For $6.2M

Old Riverhead Road

See Similar Deals
Retail25,482 SF
Sold 01/15/2025
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$243
Total Square Footage:25,482 SF
Transaction Type:Sale

A retail strip center located at 68-100 Old Riverhead Rd, Westhampton Beach, NY is the focus of this transaction. The sale was finalized at a price of $6,200,000, encompassing a total square footage of 25,482, which equates to a price per square foot of $243.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $6,200,000
  • Address: 68-100 Old Riverhead Rd
  • Market: Westhampton Beach, NY
  • Square Footage: 25,482
  • Price per Square Foot: $243
  • Buyer: David Shorenstein, Jason Breitstone & Scott Ramage - Hildreth Real Estate Advisors & Acorn Property Management - Jake Barnes
  • Brokers: Stephen R. Preuss Sr. & Christian Allimonos - RIPCO

The deal involved multiple key individuals including David Shorenstein, Jason Breitstone, and Scott Ramage, who represented Hildreth Real Estate Advisors and Acorn Property Management, along with Jake Barnes. The brokerage was represented by Stephen R. Preuss Sr. and Christian Allimonos from RIPCO. HREA is actively seeking further commercial properties in the Tri-state area and welcomes potential opportunities through the provided contact information.

Players

Stephen R. Preuss Sr.
258 deals$2B volume(718) 663-2639
BROKER

Christian Allimonos
Ripco
19 deals$143M volume
BROKER

Details

SOLD
IMAGE: Jason Breitstone, Stephen R. Preuss Sr., David Shorenstein, Christian Allimonos, Scott Ramage & Jake Barnes DATE: 01/16/2025 ADDRESS: 68-100 Old Riverhead Rd MARKET: Westhampton Beach, NY ASSET TYPE: Retail BUYER: David Shorenstein (@Shoreshot1), Jason Breitstone (@JabStone) & Scott Ramage (@ScottRamage) - Hildreth Real Estate Advisors (@Hildreth.Advisors) & Acorn Property Management - Jake Barnes (@J.Barnes27) BROKERS: Stephen R. Preuss Sr. (@RipcoInvestmentSales) & Christian Allimonos (@Christian.Allimonos_CRE) - RIPCO (@RipcoRealEstate) SALE PRICE: $6,200,000 SF: 25,482 ~ PPSF: $243 NOTE FROM BUYER: HREA is pleased to share the news of its most recent acquisition: a retail strip center in Westhampton Beach, NY. HREA is actively seeking commercial properties throughout the Tri-state area and welcomes any potential opportunities, please feel free to send them to: [email protected]

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$330,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,027.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,391.16
Annual Debt Service$352,693.96