David Shorenstein Jason Breitstone And Scott Ramage Acquire Retail Center In Westhampton Beach For $6.2M
Old Riverhead Road
$6,200,000
$243/SF
Building Size
25,482 SF
Asset Type
Retail
Closing
Jan 15, 2025
AI
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
Westhampton Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93